18 October 2017
In March 2016 Tower reported an error in calculating multi-policy discounts. Following this, steps were immediately taken to correct the error, with affected customers notified and offered a refund.
Some FinTel customers who held multiple policies, between July 2003 and 1 October 2014 have been unable to be identified and may still be entitled to a refund. These customers are encouraged to contact FinTel to confirm their eligibility to receive a refund.
Eligible FinTel customers who make contact prior to 16 January 2018 will receive a payment of $25 per year or part year that they should have received a multi-policy discount.
FinTel customers can confirm their eligibility by registering their details online or over the phone prior to 16 January 2018:
After 16 January 2018, unclaimed funds will be donated to the Citizens Advice Bureau.
With all affected Tower customers having now been offered or sent their refund, Tower has signed a Settlement Agreement with the Commerce Commission that finalises these matters.