Wednesday, November 14, 2018

Regulators Call For Banks to Remove All Sales Incentives 

The Financial Markets Authority and Reserve Bank of New Zealand have told eleven New Zealand banks to remove all incentives linked to sales measures, after completing their joint Conduct and Culture review. Removing sales incentives...

Cigna Acquisition Update

Cigna New Zealand has announced it has been granted final regulatory approval from the Reserve Bank and the Overseas Investment Office for the acquisition of ANZ’s OnePath Insurance business. Cigna confirmed earlier this year it...

Poll

Latest Poll – Offshore Adviser Conferences

Out latest poll is based around recent announcements about the future of offshore adviser conferences. Until quite recent times, offshore conferences for advisers have been an accepted part of the Kiwi life insurance industry landscape....

Insurers Clarify Stance on Overseas Adviser Trips 

With AMP and Partners Life ending their overseas trips, the remaining life insurers weigh in on where they stand. Partners Life announced last week that its upcoming overseas conference will be its last (see: Partners...

Government Launches Financial Capability Pilot For Schools 

Sorted in Schools has launched to teach teens about money and equip young New Zealanders for their financial futures. Currently a nationwide trial involving more than 30,000 Year 9-10 students, the programme is funded by...

Customer-Centric Conduct Must be ‘Permanently Embedded’ – FMA  

The Financial Markets Authority (FMA) Chief Executive, Rob Everett, says the regulator is determined to “play its part” to make sure customer-centric conduct is "permanently embedded" in the culture of New Zealand’s financial sector. The...

Partners Life Updates Quote Software 

Partners Life has announced it has redesigned and redeveloped its quote software, which will go live from 12 November 2018. The insurer hinted that the updated quote software marks the start of a suite of...

Draft Code Concerns Addressed

The Financial Advice Code Working Group has answered questions on the draft Code, during a live webinar it hosted recently. Queries on CPD, new entrants and replacement business were among the concerns raised by participants. Code...

AMP Sale Update

Financial advisers will no longer be able to offer AMP life insurance policies to clients after the insurer confirmed its risk book would eventually be closed to new business as a result of its...

AMP New Zealand Sold

AMP will sell its Australian and New Zealand wealth protection and mature businesses to international insurance and reinsurance group, Resolution Life Group Holdings. The A$3.3 billion deal is expected to be completed by the second half...