Podcast News Wrap for 29 April 2020
Partners Life is hoping to reassure industry regulator the FMA that upfront remuneration systems do not influence the advice given by financial advisers to clients.
The insurer says financial advisers are the “good guys”, that the industry regulator’s concerns about upfront commission payments are unfounded, and that commission structures do not need to change.
Partners Life is in the process of building a body of evidence to show that the upfront commission structure doesn’t compromise the advice given.
The FMA says it remains concerned about high upfront commissions being paid to advisers.
Easier legal declarations
The Oaths and Declarations Act has been temporarily changed to make it easier for people to sign documents while remaining physically separated from each other under Covid-19 restrictions.
The New Zealand Government amended the Act to allow oaths, affirmations and declarations to be taken via phone or video link.
Law firm MinterEllison says the change removes the difficulties entities have faced while taking statutory declarations during the lockdown period.
Level 3 workplace guidance
The FMA has released its guidance for financial service companies operating under the government’s alert level 3 restrictions.
The regulator says businesses and staff who can operate from home must continue to do so.
However, it says workplaces can reopen if the work cannot be done from home, and the workplace can operate consistently within public health guidance and ensure the appropriate protections for staff and customers.
Legal webinar
A webinar to be held today Wednesday April 29 at 10am will cover off a range of legal issues and relief measures for adviser businesses operating in a COVID-19 world.
Hosted by Katrina Shanks of Financial Advice NZ, the webinar will feature three lawyers from Dentons Kensington Swan talking about wage subsidies, restructuring and insolvency, and commercial property.
New CEO for Accuro Health
Accuro Health Insurance has appointed Lance Walker as its new CEO. He will join the firm in June when he leaves the Wellington Regional Economic Development Agency where he has been CEO for the past two years.
His previous senior roles include Chief Executive of both Cigna Life Insurance and Fly Buys company, Loyalty NZ.