While Prime Minister Jacinda Ardern says New Zealand will move from Level 4 lockdown to Level 3 soon – we’ll find out exactly when on Monday 20 April – the Financial Services Council has announced a set of five core principles to guide the industry’s response during the remainder of the COVID-19 pandemic.
“The COVID-19 pandemic has placed New Zealand in unprecedented territory and getting through it will require us to all work together,” says Richard Klipin, Chief Executive Officer of the Financial Services Council.
“Our members take seriously their responsibility to build, manage and protect the wealth of New Zealanders through good times and bad. That’s why we have collectively committed to five key principles to serve and support New Zealand over this time.
“The principles cover a range of areas from business continuity to financial advice and support.”
The five principles are:
1. Managing risk, wealth and health
Our members remain open for business handling claims and supporting those in hardship. Our members are collectively an experienced, strong and safe pair of hands that will guide and support Kiwis through difficult times and in times of need.
2. If you’ve got financial worries now, our members can help
If you are struggling to keep up your KiwiSaver contributions or paying for your life insurance our members can help. Whether that’s guiding you to financial support available from the government, working out a payment plan, taking payment holidays or other options.
3. Our members are well prepared
Our members’ business continuity plans have been implemented and their teams have all they need to support you. Our members are held to account by our industry Code of Conduct, which makes sure that they act transparently, with care and integrity focusing on good customer outcomes.
4. Help and advice is out there
Kiwis that seek financial advice will be better prepared financially. It is never too late to ask your insurance, KiwiSaver or investment provider, go and find independent advice online at Sorted or talk to a financial adviser.
5. Looking after our bubble
Whether you are a customer, working in financial services or a supplier, the FSC and our members have got your back. We will do all we can to support our bubble as we navigate through Covid-19 together and come out safe and strong on the other side.
Klipin says the coming months will be challenging and that the five principles reflect its focus on being there for customers.
““We know we have a critical role to play in protecting New Zealanders’ financial security through this difficult period and we are committed to doing it,” says Klipin.
“Banks, insurers and other financial institutions are deemed an essential service during the Alert Level 4 and as such New Zealanders can be reassured that we remain open for business and ready to provide financial support, advice, and help.”