Sharechat Logo

Youi to plead guilty to misleading sales charged, regulator says

Thursday 11th August 2016

Text too small?

Youi NZ will plead guilty to charges of using misleading sales practices when trying to sell insurance policies to potential customers seeking a quote, the Commerce Commission says. 

The antitrust regulator said 15 charges under the Fair Treading Act have been laid against the local unit of the South African insurer, claiming Youi made misleading representations on its website over customers' ability to get a quote, during sales calls including telling clients they had to provide bank or credit card details, asserting a right to payment for unsolicited policies, and sending invoices to unsolicited customers without telling them they had no obligation to pay. 

"Youi has cooperated with the commission's investigation and has indicated that it intends to plead guilty to the charges," the regulator said in a statement. 

The commission completed its investigation into the insurer's sales techniques earlier this year after receiving a number of complaints. 

Youi incorporated in New Zealand in 2013, launching a year later offering home, contents and vehicle insurance.

 

 

BusinessDesk.co.nz



  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

Devon Funds Morning Note - 1 September 2025
September 1st Morning Report
POT Financial Results for the year to 30 June 2025
MOVE FY25 Results for the year ended 30 June 2025
BPG - Completion of Retail Offer
Comvita releases results for the year ended 30 June 2025
August 29th Morning Report
Air New Zealand announces 2025 financial result
August 28th Morning Report
VSL - 2025 date of Annual Meeting of shareholders