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The Financial Markets Authority has filed proceedings against eight firms for law breaches since 2018. File photo. Photo: RNZ / Alexander Robertson More banks and insurers could face court proceedings and possible penalties for misleading and overcharging customers. The Financial Markets Authority has filed proceedings against eight firms for law breaches since it increased scrutiny of the sector in 2018. On Monday, AA Insurance was hit with a $6.2m penalty - the largest yet - for failing to apply discounts and no claims bonuses. Penalties have also been issued against insurers Cigna, AIA, the Medical Assurance Society and Vero; and banks, ANZ and Kiwibank; and total $17.46m. FMA head of enforcement Margot Gatland said it was working on possible legal action against in several other cas...

The number of households containing only one person increased by almost 120,000 in 10 years. Photo: RNZ Many New Zealanders plan to downsize from big family homes when they reach retirement - but it sometimes proves harder than expected. It's an issue that has been highlighted by the Retirement Commission, which said there was evidence people found it difficult to downsize due to a lack of appropriate properties. It said there needed to be new ways to stimulate the supply of "affordable and accessible accommodation options for older people". The commission said three-bedroom family homes or newer multi-level terraced housing would not cater for the changing demands of an older population. Data in the long-term insights briefing from the Ministry of Housing and Urban Development shows th...

Economic conditions have remained chilly right across the country, Westpac says. File photo. Photo: Supplied / Elle McCammon Most of the country has been in the grip of an economic cold snap, but warmer conditions may be coming, according to a Westpac bank report. The roundup rates regional economies on a six temperature scale - between frosty and hot - but no region makes it out of the "cool" zone. "Economic conditions have remained chilly right across the country, with households and businesses in every region reporting ongoing challenges," Westpac senior economist Satish Ranchhod said. Four of the 11 regions surveyed, the top of the South Island and the West Coast, Bay of Plenty, and Northland rated frosty - the lowest. Five regions, Auckland, Wellington, the lower North Island, Cant...