FSC chief, Richard Klipin, says the move by more life insurers to remove overseas incentive conferences is just one example of how the attitude of the industry is changing to deliver improved and more transparent outcomes for consumers.
In the same statement, the FSC also acknowledged the comments made by Reserve Bank of New Zealand Governor, Adrian Orr, at the recent Financial Stability Report press conference and Klipin said they expect a high level of scrutiny from regulators (see: Regulator Concerned…).
“Our members support New Zealanders by paying out $3.3 million in claims every day and are there for consumers when things don’t go to plan,” he said. “The people who work in the sector help consumers get the best protection and support them during good and tough times.”
Noting the launch of the FSC Code of Conduct in September this year, Klipin said their members are equipped with the framework to raise the bar.
“We’re committed to good conduct and culture and to serving New Zealanders in a transparent and honourable way,” said Klipin.
“We’re committed to good conduct and culture and to serving New Zealanders in a transparent and honourable way.”
“We know there’s always more work to do and the sector is committed to continual improvement and committed to delivering great outcomes for consumers. We await the findings of the FMA and RNBZ report in January.”
The FSC also reported strong growth across its activities during its recent 2018 Annual General Meeting.
FSC Chairman, Rob Flannagan, said, “Conduct and culture and ensuring great consumer outcomes is paramount and we have seen some important first steps by the industry, such as tackling soft commissions head-on by stopping incentive conferences and the adoption of the FSC code of conduct.”