Podcast News Wrap For 24 June 2020
The Reserve Bank has approved the sale of AMP Life to Bermuda-based Resolution Life New Zealand, with one of the conditions being the creation of a trust to protect policyholders.The trust, says the bank, will hold capital and assets in New Zealand to help provide long-term security for insurance policyholder benefits or investments.
The board of Resolution Life NZ will have a majority of New Zealand resident, independent directors.
AMP says the sale will complete on 30 June 2020.
FAP Licence
Compliance and consulting services company Strategi has published its view of the FMA’s proposed FAP licencing regime and says the cost of being a FAP may not be too different from joining someone else’s.
In reviewing the FMA’s consultation paper, Strategi says the three classes of licence from the regulator enable businesses of all sizes to hold a FAP licence.
The FMA last week proposed three classes of licence for financial advisers – A, B and C – depending on the adviser, the scope of advice they wanted to provide, and if they employed financial advisers. The FMA is looking for feedback on its proposal by 7 August 2020.
Transitional Licences
The FMA says the total number of transitional licences approved or under assessment by the regulator stands at 846. 682 licence applications have been received from companies based in the North Island, and 164 from the South Island. An FMA spokesman says anyone planning to apply for a transitional licence should do so sooner rather than later.
Poll result
In last week’s RiskInfo poll we asked if you are already documenting the advice you are giving clients – ahead of the incoming regulatory changes next year.
Of the votes cast so far; 86% of you are already documenting your advice, 7% are not and 7% say they are not sure.
Webinars
There are three webinars of interest coming up.
Today at 10am Financial Advice NZ is hosting a webinar with insurance broker and risk adviser Marsh to explore the firm’s liability insurance programme.
On Friday afternoon June 26 the Financial Services Council is holding part three of its fortnightly Get In Shape series of webinars to discuss how to ensure your business has robust contracts with authorised bodies, advisers, suppliers and staff.
And on Tuesday June 30 Customer service and complaints procedures will be the key topic of an FSC webinar with Susan Taylor, CEO of the Financial Services Complaints company.
SME Insurance
A survey of 600 SMEs by insurer Vero shows that 20% of business owners are looking to increase their insurance cover as a result of Covid-19. However, 10% are thinking about reducing their cover.
The insurer says it will use the survey’s findings to work with brokers and advisers to help them offer what Vero calls “…a compelling proposition to SMEs”.