In our first poll of the New Year we ask what levels of life insurance business you expect to write in 2020.
The regulatory environment for financial advice is changing significantly and as advisers gear up for the new regime starting June 29, we are keen to know your outlook for 2020 when it comes to writing new life insurance business.
In 2019 we saw the implementation or finalization of a raft of industry reforms, all of which have an impact on the life insurance advice sector.
- Approval of the Code of Professional Conduct for advisors
- Package of the Financial Services Legislation Amendment Act 2019 (FSLAA)
- Minimum education standards
- Proposed changes to insurance contract law
- Updated disclosure requirements
- The start of transitional licensing applications for financial advice providers
- Introduction of the Financial Markets (Conduct of Institutions) Amendment Bill
The regulators were vocal throughout last year, with the Reserve Bank and FMA urging the insurance sector to evolve and rebuild public trust, following their review of conduct and culture of life insurers and banks.
Are you looking forward to a great year ahead for your advice and life insurance business?
Vote in the poll above and we’ll share the results next week.