Chatswood serves the life and health insurance sector in New Zealand with market intelligence, data, and bespoke consulting services. Some of these are provided in conjunction with Quality Product Research Limited - a subsidiary that brings you Quotemonster.

We believe that good decisions are more likely to occur when we have good information about the market environment in which we operate. Intuitive leaps and creative decisions are always required, of course, but the more they are based on a firm foundation of observation, the better they tend to be.

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nib NZ completes company amalgamation

nib NZ has successfully amalgamated its two operating entities into a single company, nib nz limited.

nib NZ has successfully amalgamated its two operating entities, nib nz limited and nib nz insurance limited, into a single company, now operating as nib nz limited.

nib NZ Chief Executive Officer Rob Hennin said

“By bringing our health, life and living insurance businesses together, we’re making it easier for members to engage with us and access the support they need. Importantly, this change does not affect members’ existing insurance cover, benefits or terms and conditions. For most, the only visible difference will be the name of the insurer on policy documents, renewal certificates and bank statements.

 

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FSC announce Dress of Success as charity partner for FSC25 Conference: Transforming for Tomorrow

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Jon-Paul Hale believes AI doesn't have the nuance required for individual situations

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Legal and regulatory update for the life and health insurance sector

FMA & RBNZ release Statement of Performance Expectations; RBNZ announce appointments to its governing Board; ACC announce series of adjustments to client payments.

1 Jul 2025 - The FMA has published its Statement of Performance Expectations for 2025/26. https://www.fma.govt.nz/news/all-releases/media-releases/statement-of-performance-expectations-for-2025-26/

1 Jul 2025 - The RBNZ has appointed Grant Spencer and reappointed Byron Pepper to its governing Board. Mr Spencer will serve for a five-year term, from 1 July 2025 to 30 June 2030. Mr Pepper will serve for a five-year term from 1 July 2025 to 30 June 2030. https://www.rbnz.govt.nz/hub/news/2025/07/appointments-to-reserve-bank-board

1 Jul 2025 - The Accident Compensation Corporation (ACC) has confirmed a series of annual adjustments to client payments, with new rates taking effect from July 1. https://www.insurancebusinessmag.com/nz/news/life-insurance/acc-boosts-payments-as-injury-costs-hit-new-highs-541105.aspx

2 Jul 2025 - The RBNZ has released its Statement of Performance Expectations for 2025/26, outlining what it intends to achieve to enable economic wellbeing and prosperity for all New Zealanders and how it will measure its performance. https://www.rbnz.govt.nz/hub/news/2025/07/rbnz-releases-statement-of-performance-expectations

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FMA cancel FAP licence – advice process, record-keeping, disclosures, and evidence of suitability all factors

The Financial Markets Authority (FMA) has cancelled Filcare Services Limited’s (Filcare) Financial Advice Provider licence, at its request. 

The Financial Markets Authority (FMA) has cancelled Filcare Services Limited’s (Filcare) Financial Advice Provider licence, at its request

Filcare held a full financial advice provider licence, and they provided financial advice to approximately 1,800 retail clients, many of whom were migrant workers from the Filipino community. Its cancellation follows the termination of its distribution agreement with Fidelity Life Assurance Company Limited and AIA New Zealand Limited and the FMA’s inquiry into its affairs.

Filcare were found to have contravened its licence obligations by failing to:

  • keep adequate records in relation to advice given to its clients,  

  • ensure its clients understood the financial advice they received,  

  • exercise care diligence and skill when providing financial advice to its clients,  

  • provide adequate disclosures relating to advice, and  

  • demonstrate that recommendations made to clients were suitable.  

From our perspective, that appears to indicate failures in a wide range of areas of the advice process. As a comparison business we are particularly concerned with the areas of care, diligence, and skill, and demonstrating suitability – which we help more than 1,100 advisers with.

FMA’s Head of Perimeter and Response Helena Lewis said

“…we observed that clients did not receive adequate nature and scope disclosures and were therefore unable to make an informed decision about whether to seek, obtain, or act on the advice.

We also found that Filcare advisers failed to demonstrate that the recommendations made to clients were suitable. As an example, for a vast majority of clients, the documentation on file lacked the requisite detail to clearly show how the selected levels of cover were determined, and that the recommendation matched the risk tolerance, financial situation, and needs and goals of the client.

In files concerning replacement advice, there was no evidence that clients were informed of the potential risks of replacing existing policies, such as losing benefits they might have otherwise received under original policies, or the likelihood of exclusions or limitations associated with changes in health, lifestyle, or occupation that have occurred since the original policy has been taken out.”

Filcare clients with concerns are able to complain to Financial Services Complaints Limited.

 

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Westpac announce strategic agreement with POLi to bring secure open banking payments to NZers

ASB offer assistance to customers affected by severe weather

Pharmac and Medsafe to explore the utilisation of AI to speed up their processes

 

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KiwiSaver changes are now in place

Changes to KiwiSaver have come into effect from 1 July. These changes are now live on Kiwimonster, and will be reflected in all the numbers you crunch.

Changes to KiwiSaver have come into effect from 1 July. These changes are now live on Kiwimonster, and will be reflected in all the numbers you crunch.

Government contribution has been halved. Previously, for every $1 a KiwiSaver member contributes (up to a maximum of $1046.86) in a year, the Government put in 50c. The government contribution rate has now been halved to 25c for every $1 contributed, up to a maximum of $260.72 annually.

  • High income earners no longer qualify for Government contribution. The Government contribution has been removed for KiwiSaver members with a taxable income over $180,000 per annum.

  • KiwiSaver eligibility extended to 16- and 17-year-olds. The Government contribution and employer matching is now available to 16- and 17-year-olds in the workforce.

From next year, default contribution rates increasing. The default KiwiSaver employee and employer contribution rate will be moving from 3% of salary and wages to 3.5% on 1 April 2026, then to 4% on 1 April 2028. Employees will be able to opt to contribute at a lower 3% rate and have that lower rate matched by their employer. Contributions will be reset to the default rate after 12 months, but employees can choose to reselect the lower rate again.

 

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FSC appoint Aimie Hines as General Manager Advocacy

Hon. Heather Roy leaves role as Financial Advice NZ’s Independent Chair

DLA Piper oppose warrantless without-notice FMA inspections

May was one of Fidelity Life's busiest months on record

Ramp Up FinTech Expo 2025 is on 25 July in Auckland

BNZ offer financial assistance to customers affected by severe weather events

TSB Bank delivered a $57.6 million profit in the year ended 31 March 2025

OMNIMax's Projection Tool gives advisers a visual way to show clients how their KiwiSaver or Investment could perform

New digital platform to help women detect breast cancer earlier launches

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Setting up two-factor authentication

Two-factor authentication adds an additional layer of security and reduces the risk of unauthorised access - find out how here.

At Quotemonster, accounts need to be set up with two-factor authentication (2FA) - this adds an additional layer of security and reduces the risk of unauthorised access to your account by requiring a second verification step. This video will take you through how to set up 2FA using mobile or email.

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Legal and regulatory update for the life and health insurance sector

Minister of Commerce and Consumer Affairs April 2025 diary released; former financial adviser pleads guilty to charges of theft by a person in a special relationship; the Depositor Compensation Scheme is now in effect.

27 Jun 2025 - Minister of Commerce and Consumer Affairs, Hon Scott Simpson, April 2025 diary released with the following potential financial services sector related meeting noted:

  • 1 May 2025 – ZOOM: MBIE Officials (MBIE officials)

  • 5 May 2025 – MEET: FMA (Craig Stobo, Adrienne Meikle)

  • 6 May 2025 – MEET: Insurance and Financial Service (Karen Stevens and Sue Suckling)

  • 6 May 2025 – MEET: ACC Officials (ACC, Treasury, MBIE Officials)

  • 7 May 2025 - MEET: MBIE Officials (MBIE Officials )

  • 8 May 2025 – MEET: Commerce Commission (Commerce Commission)

  • 13 May 2025 – MEET: MBIE Officials (MBIE Officials )

  • 13 May 2025 -MEET: ACC Officials (ACC, Treasury, MBIE Officials)

  • 14 May 2025 – MEET: Financial Advice NZ CE (Nick Hakes and Heather Roy)

  • 15 May 2025 – ZOOM: ACC Board Chair & CE (Tracey Batten & Megan Main)

  • 15 May 2025 – MEET: Retirement Commissioner (Jane Wrightson)

  • 19 May 2025 - MEET: ACC Officials (MBIE and Treasury Officials)

  • 20 May 2025 – MEET: ACC Officials (ACC, Treasury, MBIE Officials)

  • 21 May 2025 – MEET: MBIE Officials (MBIE Officials)

  • 21 May 2025 – MEET: Australia Banking Association (Anna Bligh, Chris Taylor)

  • 23 May 2025 – CALL: Chair of FMA (Craig Stobo)

  • 27 May 2025 - MEET: Masterton Financial Community Event (invited guests)

  • 29 May 2025 – ZOOM: ACC Board Chair (Tracey Batten)

  • 30 May 2025 – MEET: ACC Board Chair (Tracey Batten)

  • 30 May 2025 – ZOOM: ACC Culture Reviewers (Phillipa Muir, Doug Craig)

https://www.beehive.govt.nz/sites/default/files/2025-06/Proactive%20Diary%20Release%20Simpson%20May%2025.pdf

30 Jun 2025 - Murray McClune, a former financial adviser, has pleaded guilty to two charges of theft by a person in a special relationship (s 220(1) of the Crimes Act 1961), following an investigation by the FMA. https://www.fma.govt.nz/news/all-releases/media-releases/former-financial-adviser-pleads-guilty-to-charges-of-theft/

1 Jun 2025 - The Depositor Compensation Scheme came into effect today, protecting depositors for up to $100,000 in the unlikely event that their bank or other licensed deposit taker fails.  https://www.rbnz.govt.nz/hub/news/2025/07/depositor-compensation-scheme-now-in-effect

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NZFSG appoints new Head of Insurance Distribution

NZFSG has appointed Gavin Neal as its new Head of Insurance Distribution, effective 14 July.

NZFSG has appointed Gavin Neal as its new Head of Insurance Distribution, effective 14 July. Neal has more than 20 years of experience in the financial services industry, with his most recent role being National Strategic Alliance Manager at nib. He’s held leadership roles across operations, compliance, project coordination, business development, quality assurance, and sales.

Baden Martin, NZFSG chief executive, said

“In our search for this pivotal role, we were focused on finding someone with the strategic insight, energy, and practical know-how to elevate our insurance proposition – and Gavin ticks all the boxes.”

 

More news:

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New Zealanders continue to have a low uptake of personal insurance

New Zealander’s low uptake of insurance is in the news again, with Willie Moala listing some of the reasons why more New Zealanders don’t have personal insurance.

New Zealander’s low uptake of insurance is in the news again, with Advice First’s Willie Moala listing some of the reasons why more New Zealanders don’t have personal insurance. Moala considers the kiwi ‘she’ll be right’ attitude, a distrust of insurance companies, price, and the mistaken belief that ACC will cover people in more instances than it actually does, all lead to people failing to get adequate insurance cover.

Last year the Financial Services Council’s Money & You: Managing Risk Through Challenging Times research found that only 41% of respondents had life insurance, 39% had health/medical insurance, 23% had trauma/critical illness insurance and18% had total and permanent disability insurance.

With the Government’s announcement that financial education will be embedded in the curriculum for Year 1 – 10 students, starting from next year, we can only hope this will help change attitudes around the importance of insurance, and in the longer-term help improve NZ’s underinvestment in insurance.

 

More news:

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Law firm has concerns about impending changes to the Financial Markets Conduct Act

Study finds NZ banks typically outperformed insurers in the climate-related disclosure regime

ASB appoint Frank Jasper as chief investment officer

MAS sponsor Otago Medical School's 150th anniversary

New weight-loss medications in development

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Legal and regulatory update for the life and health insurance sector

APRA consult on minor proposals related to the Banking Act; raft of changes coming to ACC; NZ Police run free goAML training sessions; ASIC Commissioner speaks on regulatory priorities in financial advice; FMA release The Financial Conduct Report; FMA release new podcast; RBNZ snapshot compares how banks are working to remove unnecessary barriers to Māori Access to Capital; RBNZ modelling of risk scenarios under the CCCFA; FMA cancel Filcare Services Limited’s Financial Advice Provider licence.

18 Jun 2025 - APRA has released for consultation a set of minor proposals for instruments relating to section 66 of the Banking Act 1959 (the Banking Act). https://www.apra.gov.au/news-and-publications/apra-consults-on-proposals-for-instruments-relating-to-section-66-of-banking

18 Jun 2025 - Changes coming to modernise ACC regulations, including twelve new additions to ACC’s list of occupational diseases; reimbursement rates increasing for claimants having their ACC decisions reviewed, and for those needing to travel to access ACC covered treatment; the age scale used to assess hearing loss for ACC cover is being updated to align with current international standards. https://www.mbie.govt.nz/about/news/changes-coming-to-modernise-acc-regulations

19 Jun 2025 - The NZ Police Financial Intelligence Unit (FIU) is running free goAML training sessions in Auckland and Christchurch across July. https://www.dia.govt.nz/AML-CFT-Free-goAML-training-in-Auckland-and-Christchurch-this-July-2025

23 Jun 2025 - ASIC Commissioner Alan Kirkland spoke at the Professional Planner Licensee Summit on regulatory priorities in financial advice. https://www.asic.gov.au/about-asic/news-centre/speeches/regulatory-priorities-in-financial-advice/

25 Jun 2025 - The FMA have released The Financial Conduct Report, which will be an annual publication for the financial industry that sets out the FMA's priorities and the drivers behind what they are doing. https://www.fma.govt.nz/library/reports-and-papers/financial-conduct-report/

25 Jun 2025 - The FMA have released episode #14 of ‘5 mins with the FMA’ Podcast - Financial Conduct Report. https://www.fma.govt.nz/library/podcast/5-mins-with-the-fma-podcast-14-financial-conduct-report/

26 Jun 2025 - RBNZ has published a primarily qualitative snapshot that offers a comparison of how banks are working to remove unnecessary barriers to Māori Access to Capital. https://www.rbnz.govt.nz/hub/news/2025/06/snapshot-highlights-banks-efforts-to-reduce-unnecessary-barriers-for-maori

26 Jun 2025 - A ministerial briefing summarising RBNZ modelling outlines three risk scenarios for banks’ ability to meet capital requirements under the Credit Contracts and Consumer Finance Act (CCCFA). https://www.mpamag.com/nz/news/general/129bn-lending-law-risk-threatens-nz-financial-system-rbnz/540506

26 Jun 2025 - The FMA has cancelled Filcare Services Limited’s (Filcare) Financial Advice Provider licence, at its request. Filcare held a full financial advice provider licence, providing financial advice to approximately 1,800 retail clients, many of whom were migrant workers from the Filipino community. Filcare’s cancellation follows the termination of its distribution agreement with Fidelity Life Assurance Company Limited and AIA New Zealand Limited, and the FMA's subsequent inquiry into its affairs. https://www.fma.govt.nz/news/all-releases/media-releases/fma-cancels-filcare-licence/

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