RiskInfoNZ Podcast for 08 April 2020
FMA Warns Adviser
The Financial Markets Authority has warned a financial adviser for making misleading claims in news-style advertorials about needing private medical insurance for the treatment and testing of COVID-19 in New Zealand.
The advertorials failed to mention that emergency treatment and testing for the virus is free.
The FMA told the adviser to take down the posts which appeared on Chinese-language social media platform WeChat.
Liam Mason, the FMA’s director of regulation says advisers need to remember their fair-dealing obligations under the Financial Markets Conduct Act which prohibit misleading or deceptive conduct, including false or misleading advertisements.
Webinars
The Financial Services Council is holding a series of webinars for financial advisers – there’s one today Wednesday 8 April at 3.30pm where the FSC’s Richard Klipin will host a Q&A session with advisers.
And there’s another on Thursday 9 April at 10am featuring guest speakers from communications firm Sherson Willis.
The FSC says its 30-minute ‘Ted Talk’ style sessions are designed to give advisers a break, join with friends and colleagues, and connect with the FA community.
CoronaCrisis
This week RiskinfoNZ canvassed the country’s leading retail insurers around two key underwriting and product issues associated with the Coronavirus crisis.
We asked how how they are taking the pandemic into account when it comes to new life insurance policy applications and what measures each have implemented with regard premium wavers.
Premium Holiday
Southern Cross Health Society, which has 870,000 members, is offering premium payment holidays to help members who have lost their income as a result of the country-wide level 4 lockdown. While members can put their policies on hold for up to six months, they will be unable to make a claim.
And health insurer Nib is also offering its members a premium payment holiday for up to six months, during which time their health insurance will be suspended.
Forward Planning
Business mentor and financial adviser Tony Vidler says advisers need to do two things to get through the current economic downturn; take a hard look at their financial outgoings and keep supporting their clients.
He says now’s the time to clear out the clutter and prepare to rebuild your business.
Fidelity Life
The launch of the health & wellness Sharecare app from Fidelity Life has been delayed by 10 days so it can be updated to reflect the COVID-19 situation, says the insurer.
It was due to be released to advisers for a test run on 6 April but that has been moved out to 16 April. The app will still be available to consumers as planned in early June.
Feeling positive
Despite the vast majority of people in New Zealand being in lockdown due to COVID-19, the business sentiment among financial advisers is resoundingly positive according to the latest RiskInfoNZ poll.
Last week we asked if your advice business will be viable once the virus crisis is behind us. Financial advisers in New Zealand responded positively with 75% saying their business would be viable. In Australia the figure is 48%.