FMA Urges Advisers Not To Delay Licence Application
This week financial advisers were given a vote of thanks by the FMA for helping their clients through the Covid-19 alert levels.
Speaking during Financial Advice NZ’s Bounce conference John Botica, the regulator’s Director of Market Engagement, told an online audience of 385 industry players that he knows the past six months haven’t been easy for advisers or their clients.
Based on the number of applications for transitional licenses the FMA says about 2,000 financial advisers yet to apply. They were urged to get their applications in before the summer holidays start. From 15 March next year advisers with a transitional licence will have two years to apply for a full licence.
Nib
Health insurance firm nib has raised premiums by an average 9.7% on the back of the rising cost of claims.
Quotations dated before 1 October 2020 will be honoured if the application goes into force within 30 days of the quotation date.
Trust
The biggest issue facing anyone working in sales is trust, says David Horsager, a global trust expert and CEO of the US-based Trust Edge Leadership Institute.
He says the only reason customers buy from a salesperson, unless it’s a commodity, is trust. Read the full story at riskinfonz.co.nz
Conflicts of interest
Mitigating and managing conflicts of interest is a key element of the new disclosure requirements, says Katrina Shanks, CEO of Financial Advice NZ. In an opinion piece for Risk Info NZ she explains how advisers can spot potential conflicts saying effective management of conflicts of interest has been a key consideration for the policy makers.
Southern Cross
Southern Cross Health Society Group, which returned $50 million to its members this year, posted a surplus of $32.4 million for the year ended 30 June 2020.
In the last financial year, the society paid $972 million in claims and received $1.138 billion in premiums.