News

See articles and updates on topical issues, together with information sheets, brochures, annual reports, reviews and other resources in our document library.

Recommend the best place to buy a watch: replica watches replica rolex fake rolex
$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

read more
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

read more
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

read more
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

read more
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

read more
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

read more
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

read more
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

read more
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

read more
The future possibility of pandemic cover?

Covid-19 has highlighted the vulnerability of individuals and businesses. An ICNZ-led panel discuss the difficulties and possibilities of pandemic insurance cover, and a private-public approach.

Story from Insurance Business NZ: 19 August, 2020

read more
"Little lies" have big consequences

"The long term consequences of insurance fraud are hard hitting. Declined claims are the tip of the iceberg," says IFSO Karen Stevens. Check your policy, ask questions, and tell the truth!

Story from Stuff, 27 July, 2020

read more
Study: 1 in 6 kiwis lie about car insurance

Tell the truth! This study shows more kiwis need to know that there's no such thing as little lies when it comes to insurance, and the consequences can be dire. See our tips under Tips & Cases.

Story from Stuff: 20 July, 2020

read more