Do the basics well was one of the key messages from the industry regulator to insurers and advisers during this month’s Generations conference organised by the FSC.
Speaking during an online panel discussion, Clare Bolingford, the FMA’s Director of Banking and Insurance at the FMA said getting the basics right and embedding a culture that is more customer centric is what the FMA expects to see – more focus on the end customer, not just on the distribution channel.”
Aussie Rules
The FMA is proposing to ‘recognise’ Australian financial adviser qualifications so they can work in New Zealand from 15 March next year – without having to complete the training Kiwi advisers are required to do.
A consultation paper released by the regulator says that some Australian qualifications are equivalent to, or exceed, the standards of competence, knowledge and skill that will apply in New Zealand under the code.
Five stars
Partners Life has been awarded a 5-star rating from the Lewers Life Insurance Benchmarks Study for the 10th consecutive year.
The study measures the satisfaction of independent financial advisers in New Zealand, and says the insurer, confirms it is servicing its financial advisers and their customers “…to the highest industry standard”.
Privacy
Strategi Group is holding two free online seminars on Thursday 29 October that will cover off the key changes between the current Privacy Act and the new one which comes into force on 1 December.
In addition, the Privacy Commissioner John Edwards is holding a public meeting to discuss the new act in Wellington on Thursday 5 November.
Latest poll
It seems advisers are split when it comes to deciding if there are too many insurance companies operating in New Zealand.
Currently there are 17 firms serving our island nation, and according to Financial Services Executive Don Allerston, that’s too many.
His comments, made during a recent FSC panel discussion, prompted our latest poll question, which asked: are there too many insurance companies in New Zealand?
Of those who have so far voted, 52 per cent say no, 43 per cent say yes, and 4 per cent are not sure.
There’s still time to cast your vote.
AIA Quick Quote
AIA has launched an online insurance calculator that will help generate leads for financial advisers.
The Quick Quote tool provides users with an estimated cost of insurance and a prompt to contact a financial adviser for a more tailored quote.