In June 2023 the Financial Markets Authority (FMA) filed proceedings against MAS in the High Court in relation to the self-reported issues and breaches of the Financial Markets Conduct Act (FMCA). The court penalty hearing took place on 21 November 2023. The Court has now issued a judgment that reflects an agreement reached between the FMA and MAS. As a result, MAS will pay a civil pecuniary penalty.
The breaches were due to manual processes and system-related failures which were not intentional. These have been corrected and MAS has attempted to apologise to and fully remediate with compensation all impacted Members.
MAS’s Board Chair Brett Sutton says fixing the issues and keeping the trust of our Members has been our central focus.
“We are very sorry for the impact to our affected Members and for any concern this may have caused all our Members. We hold ourselves to high product and service standards, so when we find issues like these, we look to put them right.”
“As a result of a thorough conduct and remediation project, we have much improved systems, processes and controls to prevent these types of issues from occurring again.”
“We remain committed to finding any issues and making them right.”
01 June 2023 - MAS has contacted impacted Members after a fulsome review was completed as part of our Conduct and Culture programme. Some Members have yet to receive their funds.
12 April 2023 - MAS has been awarded the Consumer NZ People’s Choice Award for its house, car, and contents insurance for the seventh year in a row.