FinTel customer refund 

Questions and answers

Due to a technical problem, some of our FinTel customers had their multi-policy discount calculated incorrectly. We apologise for this error and any inconvenience it may have caused. Below is some information to help answer any questions you may have.

Who is eligible for a refund?

Customers who held more than one FinTel policies (at the same time) between 1 July 2003 and 1 October 2014.

What was the problem?

We identified there was a FinTel multi-policy discount calculation error - this meant policies that were previously linked were not recognised, resulting in a miscalculation of the discount. This issue has been fixed and any discounts are now being calculated correctly.

What is a multi-policy discount?

This is the discount available when you hold more than one eligible insurance policy. 

Which policies are entitled to a multi-policy discount?

The policies that are entitled to a multi-policy discount are FinTel car, house and contents.

How will my refund be calculated?

$25 per year or part year will be refunded where you may have been entitled to a multi-policy discount. This is the amount we agreed with the Commerce Commission.

How will you pay this refund?

If you’re eligible, we’ll pay the refund by direct credit into your nominated bank account.

Why has it taken you so long to pay my refund?

We’ve only recently signed the Agreement with the Commerce Commission to resolve the matter.

How can you guarantee this is not going to happen again?

We have reviewed our multi-policy discount calculation processes and put the necessary steps and extra processes in place to make sure the error will not happen again. We’re confident we have implemented all necessary steps to avoid this error happening again.

Didn’t Tower Insurance have another problem with multi-policy discounts calculated incorrectly in 2016?

Yes, we’ve made refund payments to Tower Insurance customers who were affected over the period 1 October 2014 to September 2016. We’ve been working with the Commerce Commission to resolve the two issues that were identified.

Why is there a cut-off date for refund payments?

This is as per our agreement with the Commerce Commission. After 16 January 2018 unclaimed funds (up to $75,000) will be donated to the Citizens Advice Bureau.