Quest Insurance Receives Warning Over Solvency Breaches

Geneva Finance Limited’s (NZX: GFL) subsidiary, Quest Insurance, has received a formal warning from the Reserve Bank of New Zealand (RBNZ) over potential breaches of solvency requirements. These issues, self-reported by Quest, occurred in 2022 and involved inter-company loans between Quest and its parent company, Geneva Finance. The RBNZ’s letter, authored by enforcement director Kerry Beaumont, also raised concerns about Quest’s practice of backdating transactions. The RBNZ cautioned that legal action may be pursued if similar breaches happen in the future, underscoring the importance of adhering to financial and regulatory standards in New Zealand’s insurance sector.

Customer Notice:

Nextgen Global Services Pty Ltd trading as Kapitales Research (ABN 89 652 632 561) is a Corporate Authorised Representative (CAR No. 1293674) of Enva Australia Pty Ltd (AFSL 424494). The information contained in this website is general information only. Any advice is general advice only. No consideration has been given or will be given to the individual investment objectives, financial situation or needs of any particular person. The decision to invest or trade and the method selected is a personal decision and involves an inherent level of risk, and you must undertake your own investigations and obtain your own advice regarding the suitability of this product for your circumstances. Please be aware that all trading activity is subject to both profit & loss and may not be suitable for you. The past performance of this product is not and should not be taken as an indication of future performance.

Kapitales Research, Level 13, Suite 1A, 465 Victoria Ave, Chatswood, NSW 2067, Australia | 1800 005 780 | info@kapitales.com