ASIC Sues Auto and General for Misleading Insurance Discounts
Adelaide News Today | 2 Min News | The Daily News Now! · The Daily News Now!
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Show Notes
Australian Securities and Investments Commission (ASIC) sues Auto and General, Budget Directs underwriter, for misleading insurance discounts. ASIC alleges that tens of thousands of customers were promised up to 30% off but lost savings after policy changes. Auto and General knew about the issue since 2016 but delayed fixing it. Customers were overcharged $3.3 million, but the company has repaid $3.8 million with interest. ASIC seeks penalties, potentially up to $40 million. Auto and General claims it was an error and has spent $70 million on system upgrades.
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