Wednesday, September 30, 2020

FMA Cracks Down on Life Insurance Adviser Conduct

The Financial Markets Authority today released a report into its ongoing review of conflicted conduct and insurance replacement business practices among advisers. The regulator’s main concern regarding replacement business practices is consumers receiving the 'short...

Competency Standards, Definition of ‘Advice’ Questioned at CWG Roadshow

The Financial Advice Code Working Group (CWG) Roadshow commenced in Auckland this week, during which adviser competency standards and the two proposed categories of the term 'Adviser' were debated. The Roadshow, which needed to provide...

Poll

Adviser Licensing – Your Opinion

In the first of what will be a regular series of RiskinfoNZ polls, we seek your opinion about the choice you think your advice practice will make when the new adviser licensing regime becomes...

Adviser Pleads Guilty to FMA Charges

South Island financial adviser, Garry James Patterson has pleaded guilty to two charges brought by the Financial Markets Authority (FMA) at the Christchurch District Court. The FMA filed the two charges against Patterson in March...

Fidelity Life Releases IP Product Enhancements

Fidelity Life has launched key enhancements to its income protection product range. Positioned as the focus for Fidelity Life's 3-2-1-Go! Campaign for advisers, the three enhancements are: Improvements to waiting period conditions - the requirement...

Advisers Divided on New Licensing Options

Survey results released by the Financial Services Council (FSC) suggest almost 60% of advisers are considering a self-licensing option under the new adviser licensing regime. The survey was completed by advisers who attended the FSC...

Risk Committee Chair For New Body Announced 

Financial Advice New Zealand has announced the respective Chair for each of its four member advisory committees (MACs). Regan Thomas was named Chair for the Risk Insurance MAC, leading his fellow risk committee member representatives,...

MDRT Evolution of Advice Roadshow – Innovation And Change 

The recent 2018 Million Dollar Round Table (MDRT) Evolution of Advice National Roadshow series delivered a string of valuable messages to financial advisers on how to go beyond what you believe you can achieve,...

Review of Insurance Contract Law Begins

A review of insurance contract law in New Zealand has commenced. Commerce and Consumer Affairs Minister, Kris Faafoi, recently released the terms of reference for the review and intends to release an issues paper for...