RACQ has been fined $10m over inadvertent breaches related to discounts.
The fine is the 2nd after earlier ASIC action against IAG.
Court found RACQ’s breach was not deliberate. It is repaying $220m in refunds.
Insurer RACQ has been fined $10 million for an inadvertent error that meant it failed to pass on advertised discounts to customers, which could have been averted with a couple of sentences of sufficient policy disclosure.
Liam Walsh writes on investigations and companies with The Australian Financial Review. He has won multiple media awards, worked in Japan and is now based in Brisbane. Email Liam at liam.walsh@afr.com.au
