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.
Legal and regulatory update for the life and health insurance sector
APRA release March quarter insurance stats; FMA release AML/CFT guidance for Financial Institutions on risk ratings for new customers; ACC Board Chair resigns; APRA and ASIC update on life companies progress; new Assistant Governor Enterprise Services at RBNZ.
29 May 2025 - APRA has released its suite of quarterly industry aggregate insurance statistical publications for the March 2025 quarter. https://www.apra.gov.au/news-and-publications/apra-releases-quarterly-insurance-statistics-for-march-2025
30 May 2025 - The FMA has released AML/CFT guidance for Financial Institutions on risk ratings for new customers. https://www.fma.govt.nz/library/guidance-library/aml-cft-guidance-for-financial-institutions/
30 May 2025 - ACC Minister Scott Simpson has accepted the resignation of ACC Board Chair Dr Tracey Batten. https://www.beehive.govt.nz/release/acc-minister-accepts-board-chair%E2%80%99s-resignation
5 Jun 2025 - APRA and ASIC have released an update on the progress life companies (life insurers and friendly societies) have made in addressing issues related to premium increases, product design, and disclosure and marketing materials. https://www.apra.gov.au/news-and-publications/asic-and-apra-provide-update-on-review-of-life-insurance-premium-practices
5 Jun 2025 - Kate Le Quesne has been appointed to the new role of Assistant Governor Enterprise Services at RBNZ. https://www.rbnz.govt.nz/hub/news/2025/06/new-appointment-to-the-rbnz-executive-leadership-team
Legal and regulatory update for the life and health insurance sector
Updated version of the AML/CFT Audit Guideline published; the Credit Contracts and Consumer Finance Amendment Bill was referred to the Finance and Expenditure Committee; the Financial Markets Conduct Amendment Bill referred to the Finance and Expenditure Committee; the Financial Service Providers (Registration and Dispute Resolution) Amendment Bill referred to the Finance and Expenditure Committee; RBNZ has published a Transitional Standard; RBNZ launch Tara-ā-Umanga Business Expectations Survey; The Financial Markets (Conduct of Institutions) Amendment (Duty to Provide Financial Services) Amendment Bill was read a first time and referred to the Finance and Expenditure Committee; the FMA seeks feedback on their review of 14 class exemption notices; FSC to submit on Financial Markets Conduct Amendment Bill; DIA release guidance on AML.
16 May 2025 - The Department of Internal Affairs, the Financial Markets Authority and the Reserve Bank of New Zealand have published an updated version of the AML/CFT Audit Guideline. https://www.dia.govt.nz/Updated-AML-CFT-Audit-Guideline-now-available
20 May 2025 - The Credit Contracts and Consumer Finance Amendment Bill was read a first time and referred to the Finance and Expenditure Committee, to be reported by 20 October 2025. https://bills.parliament.nz/v/6/6193A33C-40D6-4354-0D5A-08DD6FF875CC?Tab=history
20 May 2025 - The Financial Markets Conduct Amendment Bill was read a first time and referred to the Finance and Expenditure Committee, to be reported by 20 October 2025. https://bills.parliament.nz/v/6/8c9fe069-724a-4200-0d58-08dd6ff875cc?Tab=history
20 May 2025 - The Financial Service Providers (Registration and Dispute Resolution) Amendment Bill was read a first time and referred to the Finance and Expenditure Committee, to be reported by 20 October 2025. https://bills.parliament.nz/v/6/a4d89cb0-ce82-4d28-0d59-08dd6ff875cc?Tab=history
21 May 2025 - The RBNZ has published a Transitional Standard, outlining how deposit takers must collect and store customer information in the event of a deposit taker failure so that they can ensure timely payments. https://www.rbnz.govt.nz/hub/news/2025/05/depositor-compensation-scheme-transitional-provisions-standard-published
21 May 2025 - RBNZ launch Tara-ā-Umanga Business Expectations Survey (BES), with publication of results for the June quarter. https://www.rbnz.govt.nz/statistics/series/economic-indicators/business-expectations-survey
21 May 2025 - The Financial Markets (Conduct of Institutions) Amendment (Duty to Provide Financial Services) Amendment Bill was read a first time and referred to the Finance and Expenditure Committee. https://bills.parliament.nz/v/6/9B141149-011F-4C5F-5319-08DD514ABAA2?Tab=history
22 May 2025 - The FMA is seeking feedback on their review of 14 class exemption notices that support the regime under the Financial Markets Conduct Act 2013 (FMC Act). These notices will expire between December 2025 and November 2026. At the same time, the FMA are reviewing their three class designation notices. https://www.fma.govt.nz/business/focus-areas/consultation/expiring-class-legislative-notices/
23 May 2025 - The Finance and Expenditure Committee is now seeking submissions on the Financial Markets Conduct Amendment Bill. The FSC submission process, including the timetable for feedback and circulation of drafts will soon be available here. https://www.fsc.org.nz/fsc-consults25
23 May 2025 - The Department of Internal Affairs has released new guidance to help organisations assess whether their business is captured under the Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) Act 2009 (the Act). The guidance is intended to help organisations that operate an online marketplace that facilitates payments between customers to determine whether AML/CFT obligations apply — and what steps may be needed to take to comply. https://www.dia.govt.nz/AML-CFT-New-guidance-for-Online-Marketplaces
Legal and regulatory update for the life and health insurance sector
Amendments to Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) regime take effect on 1 June 2025; FMA to pilot a Financial Advice Regulatory Panel; RBNZ to launch Tara-ā-Umanga Business Expectations Survey on 21 May; the Credit Contracts and Consumer Finance Amendment Bill and the Financial Markets Conduct Amendment Bill had first readings in Parliament; RBNZ publish bulletin which discusses barriers Māori face in accessing capital.
8 May 2025 - A number of amendments to New Zealand's Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) regime are set to take effect on 1 June 2025. 3 Key Changes Impacting FAPs
Mandatory Customer Risk Rating
Enhanced Due Diligence for Low-Risk Trusts
Extended Reporting Timeframes
12 May 2025 - The FMA are to pilot a Financial Advice Regulatory Panel. The purpose of the Panel is to provide industry perspectives to the FMA on issues related to financial advice in New Zealand. The Panel will serve as a sounding board for how the FMA regulates the industry, including supporting good practice and ensure the FMA continue to regulate financial advice in a fit-for-purpose way. The FMA have approached key industry associations for nominations. https://www.linkedin.com/posts/financial-markets-authority-new-zealand_financialadvice-regulation-fma-activity-7327528052719083520-BD0y?utm_source=share&utm_medium=member_desktop&rcm=ACoAAAwmg70BxdkhEtiDz1U0ui17rIBWTv3T_Es
14 May 2025 - On 21 May 2025 the RBNZ will be launching the Tara-ā-Umanga Business Expectations Survey (BES), publishing results for the June quarter.
14 May 2025 - The Credit Contracts and Consumer Finance Amendment Bill had its first reading in Parliament. https://bills.parliament.nz/v/6/6193a33c-40d6-4354-0d5a-08dd6ff875cc?Tab=history
14 May 2025 - The Financial Markets Conduct Amendment Bill had its first reading in Parliament. https://bills.parliament.nz/v/6/8c9fe069-724a-4200-0d58-08dd6ff875cc?Tab=history
15 May 2025 - The RBNZ has published a Bulletin article which discusses the barriers Māori face in accessing capital that may be associated with market failures or imperfections. https://www.rbnz.govt.nz/hub/news/2025/05/examining-maori-access-to-capital-market-failures
Bigger not necessarily best when it comes to KiwiSaver
Big banks, with their brand recognition and big budgets, have long been an almost default choice for people deciding who to invest their KiwiSaver funds with. That looks like it’s starting to change.
Consumer NZ has taken a look at how KiwiSaver is going. Big banks, with their brand recognition and big budgets, have long been an almost default choice for people deciding who to invest their KiwiSaver funds with. That looks like it’s starting to change. Encouragingly, 29% of new members chose their KiwiSaver scheme independently, and 8% consulted a financial adviser about what their best option would be, though 14% were automatically allocated a default scheme. There is still some reluctance to change providers, with 12% of people feeling it’s too much hassle to change provider, 8% having thought about switching but haven’t gotten around to it and 5% not knowing where to start.
With more than 3.3 million members and more than $111 billion of total funds under management, it’s worth putting in a little effort to see which fund best suits your situation.
While banks in general are big spenders on advertising, ANZ outspends them all. Yet ANZ’s KiwiSaver returns are underwhelming, coming in last (12th) for its management of conservative KiwiSaver funds, 6th (out of 12) for moderate funds, second to last (out of 15) for balanced funds and 10th (out of 12) for growth funds, according to Morningstar’s December 2024 results. Yet ANZ holds the largest share of the KiwiSaver market, with $21.9 billion funds under management.
As of 2021, ANZ and ASB are no longer default KiwiSaver providers, leaving BT Funds (Westpac) and BNZ as the only default big bank providers for new members. It will be interesting to see how this impacts the various banks’ KiwiSaver market share over the next decade or two.
In good news, Consumers NZ’s annual survey on KiwiSaver satisfaction highlights growing satisfaction, with February 2025 results showing 82% were satisfied with their provider.
And what do people most want from their KiwiSaver provider? Good returns with responsible investments came out top (42%), followed by the best returns (37%) and investing responsibly, even if it comes with slightly lower returns (14%)
More news:
Southern Cross Health Society using Patient Feedback to celebrate surgeons
Shaun Phelan is retiring from his role as National Manager of MAS Business Advisory Services
AML Summit 2025 is on 8 - 9 May in Auckland and livestreamed
Fidelity Life offers drought-affected customers premium relief
Fidelity Life has announced they will offer drought-affected Northland, Waikato, King Country, Horizons (Manawatū-Wanganui) and Marlborough-Tasman customers premium relief.
Fidelity Life has announced they will offer drought-affected Northland, Waikato, King Country, Horizons (Manawatū-Wanganui) and Marlborough-Tasman customers premium relief. Fidelity Life customers who are facing financial hardship as a direct result of the drought in these regions who are eligible can apply to have their premiums temporarily waived for up to 3-months, with the potential to extend for up to a further 3-months, without affecting their insurance protection.
Fidelity Life’s Chief Commercial Officer Bronwyn Kirwan said
“We recognise how tough it’s been for these regions as the dry weather continues and we want to show our support in a meaningful way. Our premium relief offer is a way we’re trying to help ease the burden and be there for our customers when they need us most.”
More news:
Collaboration between Retirement Commission and FANZ announced
The FMA to introduce a new newsletter for Financial Advice Providers
mySolutions webinar 'Keeping it as simple as 1..2..3' is on 16 April
Haven announce partnership with Whānau Āwhina Plunket
The Neuroscience of Focus
Financial Advice NZ recently held a webinar The Neuroscience of Focus. Hosted by Cecilia Farrow, and with Alex Davids presenting, the webinar covered our brains and focus, continuous partial attention and cognitive energy and cognitive drain.
Financial Advice NZ recently held a webinar The Neuroscience of Focus. Hosted by Cecilia Farrow, and with Alex Davids presenting, the webinar covered our brains and focus, continuous partial attention and cognitive energy and cognitive drain. One of the depressing facts Alex points out is that in 2022, 50% of the workforce felt burnt out – but by 2024 it had raised to 61% feeling burnt out.
One of my key takeaways to overcome continuous partial attention and help focus, was switching off notifications and using the ‘out of office’ function to stop those external factors that can halt our focus in its tracks. It’s an excellent watch if you want to get a few tips on how to improve your focus, and in turn improve your performance.
Alex Davids will also be presenting at the National Adviser Conference, 1 – 3 April at the Te Pae Christchurch Convention Centre.
More news:
Steve Wright talks about how proactive life advisers are required to be
Tony Vidler recommends tightening up your value proposition
Wealthpoint welcome Affinity + Co team to Wealthpoint's network
Edge Mortgages has joined Link Advisory
Concerns reforms to the anti-money-laundering regime could risk grey-listing NZ
Legal and regulatory update for the life and health insurance sector
The Anti-Money Laundering and Countering Financing of Terrorism Amendment Bill was read a first time; Professor Philip Vermeulen appointed to RBNZ's governing Board; ASIC is proposing additional relief to further assist Australian financial services and credit licensees comply with the reportable situations regime; The Privacy Amendment Bill was read a second time.
13 Feb 2025 - The Anti-Money Laundering and Countering Financing of Terrorism Amendment Bill was read a first time and referred to the Justice Committee. https://bills.parliament.nz/v/6/81644768-3902-4253-9723-08DD1EDF8E71?Tab=history
13 Feb 2025 - Professor Philip Vermeulen has been appointed to the RBNZ's governing Board. Philip will serve for a five-year term, from 10 February 2025 to 31 January 2030. https://www.rbnz.govt.nz/hub/news/2025/02/phillip-vermeulen-appointed-to-board
18 Feb 2025 - ASIC is proposing additional relief to further assist Australian financial services and credit licensees comply with the reportable situations regime. ASIC’s proposed additional relief aims to reduce the reporting burden on industry while still ensuring that ASIC receives reports of high regulatory value. They are inviting feedback on the proposal to give relief from reporting certain breaches of the misleading and deceptive conduct provisions, and certain contraventions of civil penalties where:
the breach has been rectified within 30 days from when it first occurred (this includes paying any necessary remediation), and
the number of impacted consumers is not more than five, and
the total financial loss or damage to all impacted consumers resulting from the breach is not more than $500 (including where the loss has been remediated), and
the breach is not a contravention of the client money reporting rules, and clearing and settlement rules.
18 Feb 2025 - The Privacy Amendment Bill was read a second time. https://bills.parliament.nz/v/6/56e3fbe7-1f3d-464e-b54d-08dbae8917ae
New Chair of Southern Cross Medical Care Society appointed
Chris Black has been appointed Chair of Southern Cross Medical Care Society (Health Society).
Chris Black has been appointed Chair of Southern Cross Medical Care Society (Health Society). Black joined the Health Society Board in 2021. Black has held a range of leadership positions over the course of his career, including Chief Executive of Farmers Mutual Group, ICNZ President and Commissioner of the Insurance & Financial Services Ombudsman Scheme. He is currently a Trustee of the Southern Cross Health Trust, Chair of the Natural Hazards Commission and Rabobank New Zealand, and a Trustee of the Mental Health Foundation.
Outgoing Chair Murray Jordan retired at the organisation’s Annual General Meeting (AGM) last week.
More news:
Reminder advisors must take note of supervisor guidelines on AML/CFT
Empower Women Networking Events 6 & 11 March
FSC seek feedback on FMA's proposed exemption for Climate Reporting Entities
Surgeons at Southern Cross North Harbour Hospital win research award
Legal and regulatory update for the life and health insurance sector
The FMA publish Samantha Barrass’ speech; RBNZ publish Karen Silk’s speech; ASIC release annual report; Chief Ombudsman publishes annual report; Government to overhaul AML/CFT system; FMA publish monitoring report of the DIMS sector; Consultation on raising thresholds for asset distribution after death without the need for probate; Mental Health Bill referred to Select Committee; RBNZ publish speech by Adrian Orr; ASIC publish keynote addresss by Kate O’Rourke; Police FIU to run sessions on goAML.
22 Oct 2024 - The FMA publish Samantha Barrass' speech from the Financial Services Federation Conference 2024. https://www.fma.govt.nz/library/speeches-and-presentations/samantha-barrass-speaks-at-fsf-conference/
22 Oct 2024 - RBNZ publish Assistant Governor Karen Silk's speech 'Liquidity management: Principles for liquidity provision and the end of an abundant era'. https://www.rbnz.govt.nz/hub/news/2024/10/liquidity-management
22 Oct 2024 - ASIC release 2023–24 annual report. https://asic.gov.au/about-asic/news-centre/find-a-media-release/2024-releases/24-232mr-asic-annual-report-underscores-transformation/?altTemplate=betanewsroom
22 Oct 2024 - The Chief Ombudsman Peter Boshier has published his 2023/2024 Annual Report. https://www.ombudsman.parliament.nz/news/more-and-more-people-are-turning-ombudsman-help
23 Oct 2024 - The Government will introduce a single supervisor and a new funding model in a major overhaul of New Zealand’s Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) system. https://www.beehive.govt.nz/release/government-overhaul-anti-money-laundering-regime
23 Oct 2024 - The FMA has published its first monitoring report of the Discretionary Investment Management Services (DIMS) sector. The report found that while DIMS providers strive for positive investor outcomes, there is room for improvement in their processes and controls. https://www.fma.govt.nz/news/all-releases/media-releases/fma-publishes-first-insights-report-into-dims-sector/
23 Oct 2024 - The Ministry of Justice are currently consulting on a proposal to raise the threshold for distributing someone’s assets after death without the need for probate and are seeking feedback on new thresholds. https://7422267.fs1.hubspotusercontent-na1.net/hubfs/7422267/Member-only%20content/Submissions%20(Member%20Only)/Factsheet_probate%20threshold%20-%20financial%20services%20providers.pdf?utm_medium=email&_hsenc=p2ANqtz--CGtLdOXH2FnKUPM5kSzkDwUAdlMpihtK7dVxIe9c5_pIwlG4VqCwmsdMaof2Nep6ADSH_0AO6uGXorGoFn-IMWIe460-RneqZDNXuccz1V8aMMv8&_hsmi=330379053&utm_content=330379053&utm_source=hs_email
23 Oct 2024 - The Mental Health Bill has been referred to Select Committee. https://bills.parliament.nz/v/6/538751b7-fea5-4dcc-cce2-08dce18e31b4?Tab=history
24 Oct 2024 - RBNZ have published a speech by RBNZ Governor Adrian Orr, 'Navigating monetary policy through the unknown'. https://www.rbnz.govt.nz/hub/news/2024/10/navigating-monetary-policy-through-the-unknown
24 Oct 2024 - ASIC publish keynote address by ASIC Commissioner Kate O’Rourke at the 34th Annual Credit Law Conference. https://asic.gov.au/about-asic/news-centre/speeches/asic-2024-update/?altTemplate=betanewsroom
24 Oct 2024 - The Police FIU are running a series of two-hour sessions in Auckland, Christchurch, Hamilton and Wellington that will cover an overview of the goAML system, along with how to submit Suspicious Activity and Prescribed Transaction Reports. https://createsend.com/t/j-18E3D1447129F4092540EF23F30FEDED
Legal and regulatory update for the life and health insurance sector
ASIC issue update on licensing; AML/CFT reforms to come; FMA research on KiwiSaver providers; RBNZ publish Governor's speech on improving Māori access to capital; APRA release June 2024 quarter insurance statistical publications; Updated AML/CFT Programme Guideline released.
11 Oct 2024 - ASIC issues 2023-24 update on licensing and professional registration activities. https://asic.gov.au/about-asic/news-centre/news-items/asic-issues-2023-24-update-on-licensing-and-professional-registration-activities/?altTemplate=betanewsroom
13 Oct 2024 - The Government will reform New Zealand’s Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) system. https://www.beehive.govt.nz/release/government-provide-significant-regulatory-relief-business
14 Oct 2024 - Research from the FMA has found most KiwiSaver providers are well placed to manage their exposure to the commercial real estate market but more work can be done to mitigate and communicate the risks. https://www.fma.govt.nz/news/all-releases/media-releases/research-on-cre-and-the-kiwisaver-industry/
14 Oct 2024 - RBNZ publish Governor Adrian Orr's keynote speech: Improving Māori Access to Capital. https://www.rbnz.govt.nz/hub/news/2024/10/improving-maori-access-to-capital
14 Oct 2024 - APRA has released its suite of quarterly industry aggregate insurance statistical publications for the June 2024 quarter. https://www.apra.gov.au/news-and-publications/apra-releases-quarterly-insurance-statistics-for-june-2024
14 Oct 204 - The Department of Internal Affairs, the Financial Markets Authority and the Reserve Bank of New Zealand have released the updated Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) Programme Guideline. https://www.dia.govt.nz/Updated-AML-CFT-programme-guideline---October-2024