News

See updates and articles from a range of publications about insurance and financial services, including industry updates and consumer tips.

Adviser licensing process, FMA

Advisers can start applying for a full license on March 15, 2021, and the FMA says the process will be rigorous.

Story from Insurance Business NZ: 19 November, 2020

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FMA Financial Adviser licensing guide

On Monday, 17 November, the FMA and Financial Advice NZ will launch a full licensing application guide for Advisers. The guide will cover licensing standards across seven conditions including record keeping and internal complaints processes.

Story from Good Returns: 12 November, 2020

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Napier residents: contact your insurer before you clean up

In the aftermath of devastating flooding and landslips, we urge Napier residents to take care at home and on the road, photograph the damage, and contact your insurer before you clean up.

Photo from Newshub: 11 November, 2020

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$43K ute repossessed

The CCCFA sets out lender responsibilities for consumer protection. When Charlie, who was terminally ill, couldn't repay a $43,000 loan, his ute was repossessed. The lender made mistakes, which displayed unfortunate conduct, particularly given Charlie’s vulnerabilities.

Story from Stuff: 10 October, 2020

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Covid & business interruption

In most cases, the Business Interruption cover would not respond, because there was no material damage. Standard business interruption exclusions for infectious diseases were triggered when COVID-19 became publicly notifiable.

Story from insurance.com.au: 5 October, 2020

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Covid & travel insurance

The idea of purchasing travel coverage for a reasonable price in future may be at risk, given the enormous pressure on the travel insurance industry. Does insurance need a new paradigm for known risk?

Story from interest.co.nz: 28 September, 2020

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Financial Adviser complaints

Complaints about financial advisers can include service issues. In this example, an adviser reduced his client's life insurance cover as requested. After the client died, his family said the adviser had breached his duty of care.

Story from Good Returns: 15 September, 2020

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IFSO on complaint management

"We are noticing the complaints we refer back to insurers on behalf of complainants are being resolved more quickly and settled more often, which is a good sign in terms of the customer experience.” Karen Stevens, IFSO.

Story from insurancenews.com.au: 21 September, 2020

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Credit contract and loan complaints have risen - IFSO

“During the COVID-19 lockdown, insurers responded quickly with a range of proactive options for customers, particularly for those facing hardship. Credit contract providers also acted quickly to restructure loans, defer payments and waive fees.” Karen Stevens, IFSO.

Story from NZ Adviser: 16 September, 2020

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General insurance enquiries rise, complaints drop

"The best time to understand insurance is before you need it - every day we hear about problems that could have been avoided if people had been better informed. That’s why we’re sharing real stories about real complaints.” Karen Stevens, IFSO.

Story from Insurance Business NZ: 16 September, 2020

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Rise in complaints about consumer credit, loans

458 (12%) of all contacts to the IFSO Scheme last year were about loans or credit contracts. Responsible lending involves protecting consumers against substantial hardship.

Story from Stuff: 14 September, 2020

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IFSO Scheme releases Annual Report

The IFSO Scheme received 3,922 enquiries over the past year and has investigated 282 complaints about insurance and financial services. Misunderstanding and miscommunication continue to be common complaint issues.

See the IFSO Scheme Annual Report 2020

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