Podcast News Wrap For 1 July 2020


Podcast News Wrap For 1 July 2020

A quality service mark for financial advisers is being proposed by Financial Advice NZ which is seeking feedback on the criteria and design for its ‘Trusted Adviser‘ accreditation.

The organisation’s CEO Katrina Shanks says that once the Trusted Adviser criteria is approved it will be available for qualifying members to use in the promotion of themselves to the public.

Shanks says the Trusted Adviser mark is intended to be aspirational and if adopted will make it easier for the public to seek out quality financial advice.

She says it will create a pathway to a recognised mark for those who are seeking to further develop their professional skills and knowledge.

Simpler products

Insurers should look at providing simpler products that could be cheaper for consumers who face reduced household income due to Covid-19’s impact on the economy.

That’s the view of Lee-Ann du Toit, a Partner in the Actuarial and Insurance Services team at Deloitte in Wellington. She says insurers should explore how they can support both customers and businesses to ensure that people remain covered.

Partners Life

Nadine Tereora is to join Partners Life as its chief Operating officer next year.

The former Fidelity Life CEO, who resigned her job in May, says she wants to join an organisation that demonstrates strong commitment to the life insurance industry and is serious about doing the right thing by its customers, advisers and staff.

Partner’s Life founder and MD Naomi Ballantyne says Tereora will support her as she focuses on the company’s strategy, reputation, and shareholder engagement “while continuing to help shape the future of the industry”.

FSC Conferences

Two of the keynote speakers confirmed for the Financial Services Council’s annual conference on 9-10 September are Minister of Finance Grant Robertson and Paul Goldsmith, opposition spokesperson for finance.

The conference is being held at the Pullman Hotel, Auckland, and tickets are on sale now.

New advice regime

MBIE says the start of the new financial advice regime will be 15 March 2021. The impact of Covid-19 meant the introduction was delayed from the planned start on 29 June.

Meanwhile, The FMA is encouraging financial advisers to apply for their transitional licences by the end of the year. The FMA had so far granted 850 transitional licenses, representing an estimated 6,500 financial advisers.

AMP Life

The sale of AMP Life to Bermuda-based Resolution Life has called into question the rules that apply to such transactions.

The transfer of the insurance business was given the blessing of the Reserve Bank of New Zealand last week following 18-months of negotiations.

But a petition calling for an urgent review of the regulations that cover to these types of business transfers will be heard today – Wednesday July 1

Andrew Body, an AMP Life policyholder and investment banker, will speak before a government finance and expenditure select committee to air his concerns.