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Tower Limited ( (AU:TWR) ) has provided an update.
Tower Limited has been penalized $7 million by the High Court following the Financial Markets Authority’s (FMA) action regarding the company’s misapplication of multi-policy discounts affecting approximately 61,000 customers. The penalty, which was agreed upon by both Tower and the FMA, will not impact Tower’s FY26 financial results as it was accounted for in previous results. Tower has implemented a remediation program to compensate affected customers, nearing a total payout of $12 million, and has invested in improving its systems and processes. The company has removed the multi-policy discount from its offerings and remains committed to preventing future errors and ensuring customer benefits.
More about Tower Limited
Tower Limited is a company incorporated in New Zealand, operating in the insurance industry. It focuses on providing insurance products and services, with an emphasis on fair and competitive pricing for its customers.
Average Trading Volume: 52,075
Technical Sentiment Signal: Buy
Current Market Cap: A$575.9M
For a thorough assessment of TWR stock, go to TipRanks’ Stock Analysis page.