The FSC have released this announcement about Partners Life joining the association.
Partners Life Joins the FSC The Financial Services Council announced today that Partners Life has joined the association, bringing the total number of members to 15 members and 14 Associate members. Financial Services Council Chief Executive Richard Klipin said, “We are pleased to welcome back Partners Life to the Financial Services Council. The Industry is going through rapid change and Partners Life is an important part of the New Zealand Life insurance landscape.”
As the voice of the Financial Services Industry, the FSC advocates for a strong and robust wealth management industry that serves the New Zealand community. With the inclusion of Partners Life, the FSC now represents over 90% of the Life Insurance market in New Zealand. “Strong competition is a signpost to a robust sector dedicated to serving customers,” said Klipin, “and members of the FSC are dedicated to looking after the insurance and wealth needs of New Zealanders.”
Naomi Ballantyne, Chief Executive of Partners Life said, “Partners Life is very pleased to have re-joined the FSC at this time when the organisation has demonstrated a renewed focus on its key objectives; when the industry is facing significant change; and where a strong and united industry voice has become a necessity.” The FSC is focussed on good policy and a sustainable, growing market place. Our strategy is focussed on three important outcomes: 1. Strong consumer outcomes. The Financial Services industry must continue to deliver great products and services that deliver to the wealth, protection and wellbeing of New Zealanders 2. Sustainability of the Financial Services sector. The sector is key for the prosperity of New Zealand – through the way we serve New Zealanders, to the jobs we create, to the insurance claims we pay, and to the way in which we help people save for retirement. 3. Increasing Professionalism and Trust through the FSC Code of conduct. This requires the industry to continuously improve, address the hard issues and increase the trust and transparency of the sector. Ends
Small business on the North Shore are looking for an insurance adviser, preferably an AFA. They are extremely busy and need to spread the workload. If you are interested please get send us an email firstname.lastname@example.org and we will put you in touch.
Trust Us website has this article giving five reasons as to why Family Trusts are better than Wills. Of course, for many people, I am sure that you could write an article on why a will is better than a family trust - if you have few assets, cannot afford the advice, lack the ability to keep the trust administration going, and so forth.
AMP RPP are introducing a new multi-benefit discount for new business which launches on the 20th of February. If the client has two 'eligible' benefits, a 5% discount applies and if they have three or more a 10% discount applies. Where an existing discount applies, such as the 15% IP discount when $350,000 Life Cover is taken, the higher of Multiple Benefit Discount and the existing discount applies.
The draft Financial Advisers Act has just been released on the MBIE website. An overview is here, the documents can be found at this link. Some of the key changes are outlined in this article on goodreturns. Feedback closes on the 31st of March.
Draft changes appear to leave a number of issues without adequate resolution, or perhaps a more generous interpretation might be that, resolution is entirely in the hands of the regulator.
We are worried that there may still be many people that can be "Financial Advice Representatives" that give no "Financial Advice". We are worried that there is not enough distinction between a "Financial Advice Representative" and a "Financial Adviser". We think that an ordinary person would assume that both give financial advice.
We are worried that given the absence of any differentiation the numbers of "Financial Advisers" will fall.
We are also concerned that there appears to be no mechanism to stop people who have been poor reps in one FAF moving to another to be poor reps.
More detailed review to be conducted during the week. Any clients wishing to discuss their submission should contact us.