Overcharged clients get $1.4m back from Allianz
Customers of Allianz Australia Insurance Limited and Allianz Life Insurance Limited have received more than $1.4 million in refunds as a result of two breaches of financial services law.
The Australian Securities and Investments Commission (ASIC) revealed the insurance group have failed to refund stamp duty amounts owned to customers with consumer credit policies that had been arranged by four of Allianz's financial institution agents, dating back to 2003.
While the second breach related to customers who were charged higher instalments, despite having reduced their level of cover, which resulted in a lower premium payable, ASIC deputy commissioner, Peter Kell said.
"Financial firms must act to refund consumers where overcharging has occurred," Kell said.
"This is important even where the monetary amounts for individual consumers may not be high."
ASIC revealed that Allianz has implemented and will soon finalise a process to refund the affected policy holders.
AUTHOR
Nicholas O'Donoghue
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