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  • Companies Fear The Government Regulators

    From Lawrence =?iso-8859-13?q?D=FFOliveiro?=@ldo@nz.invalid to nz.general,alt.politics.international on Mon Feb 9 01:36:44 2026
    From Newsgroup: nz.general

    Not the first time this has happened in NZ: a company turned itself in
    to the regulators for misleading customers, and has agreed to refund
    the difference to those affected <https://www.nzherald.co.nz/business/companies/agribusiness/fmg-admits-misleading-insurance-charges-after-fma-investigation-pays-back-53m-to-customers/4NJZK4WWONFFXIQZ3N6G5RI2BM/>:

    An investigation by the Financial Markets Authority (FMA), after
    FMG self-reported the issues, uncovered that customers were being
    charged for specified items that provided no additional insurance
    benefit, as well as incorrect inflation adjustments applied to
    sums insured.

    Because hushing it up would lead to greater penalties, and they were
    unlikely to get away with it anyway.
    --- Synchronet 3.21b-Linux NewsLink 1.2
  • From Tony@lizandtony@orcon.net.nz to alt.politics.international,nz.general on Mon Feb 9 02:30:57 2026
    From Newsgroup: nz.general

    Lawrence D Oliveiro <ldo@nz.invalid> wrote:
    Not the first time this has happened in NZ: a company turned itself in
    to the regulators for misleading customers, and has agreed to refund
    the difference to those affected ><https://www.nzherald.co.nz/business/companies/agribusiness/fmg-admits-misleading-insurance-charges-after-fma-investigation-pays-back-53m-to-customers/4NJZK4WWONFFXIQZ3N6G5RI2BM/>:

    An investigation by the Financial Markets Authority (FMA), after
    FMG self-reported the issues, uncovered that customers were being
    charged for specified items that provided no additional insurance
    benefit, as well as incorrect inflation adjustments applied to
    sums insured.

    Because hushing it up would lead to greater penalties, and they were
    unlikely to get away with it anyway.
    Good corporate citizens then. Unlike your only-to-be-expected negativism.
    --- Synchronet 3.21b-Linux NewsLink 1.2
  • From Lawrence =?iso-8859-13?q?D=FFOliveiro?=@ldo@nz.invalid to nz.general,alt.politics.international on Wed Mar 4 22:26:20 2026
    From Newsgroup: nz.general

    On Mon, 9 Feb 2026 01:36:44 -0000 (UTC), I wrote:

    Because hushing it up would lead to greater penalties, and they were
    unlikely to get away with it anyway.

    Another case, this time it is ASB self-reporting its own failures to
    apply fee discounts and exemptions <https://www.nzherald.co.nz/business/asb-fined-21-million-for-misleading-more-than-25000-customers/K4TN2EBVDZA2LD3RDAP26HGPMI/>.

    Would you say there is PR value in being seen to be up-front about
    your own failures? I think there might be ...
    --- Synchronet 3.21d-Linux NewsLink 1.2