Today we are welcoming Melissa Waddel to the Chatswood team. Melissa is joining us to provide administration support so that experienced members of the team can spend more time with clients and on client projects. If you are a regular client or adviser you may get a call from Melissa who is going to be working on upgrading our adviser and client databases as a portion of her role.
The FMA has provided some insight into the requirements of the full license. It has been revealed that advisers can begin the application process from 15 March 2021. Although the process will be similar to the transitional license, the questions advisers will be required to answer have been described as being more rigorous. Unlike transitional licenses, full licenses will not have expiration dates. John Botica, director of market engagement, has noted that classes and conditions are another difference between the two license types.
“Advisers will be able to start applying for a full license on March 15, 2021, and the FMA says the process will be similar to what advisers have done for their transitional license – however, it says its questioning will also be a lot more rigorous.
According to FMA director of market engagement John Botica, the key differences between transitional and full licensing will be the time period they cover, and the different classes and conditions attached to a full license. He says the FMA will also go into more depth around an adviser’s practices and procedures.
“Transitional licenses last for up to two years, from March 15, 2021, to March 15, 2023, whereas a full license has no fixed term,” Botica explained.”
An important aspect of the full license is that it will include three different license classes. It will be important that advisers choose the right class as they will need to go through the full license application process again if they need to amend their class selection. Botica noted that advisers with transitional licenses will have two years to apply for their full license while new advisers must apply for full licenses. It has also been revealed that questions around competency, to conduct, to conflicts of interest will be examined during the application process.
““You have that license for as long as you continue to run your business. The full process also includes three different license classes, and it’s important to choose the right class – if you need to change it, you’ll need to go through the application process again.”
“There were two standard conditions for transitional licensing, and for the full license, we add another five,” he continued.
“That was subject to consultation, and we had an overwhelmingly positive response from everyone around standard conditions.”
Botica confirmed that there will be a two year period in which advisers can apply for a full license, and the competency safe harbour will last for those two years. However, new advisers will need to go straight to a full license – they won’t be able to obtain a transitional.
Botica says the questions asked by the FMA will also be much deeper, and will touch on everything from competency, to conduct, to conflicts of interest.” Click here to read more
In other news
Scam emails are becoming more sophisticated - but there are still some obvious ways to spot them: see link.
nib has announced the implementation of Melvin, a machine learning engine, that will process claims that are submitted via the app. The adoption of this engine is intended to reduce manual data entry. Brendan Mills, nib Group CEO, has said that after nib enabled photo submission and claims via the app, user experience improved while information processing time increased.
“Nib has implemented a new machine learning engine to process claims submitted via its app in less time by reducing the amount of manual data entry required behind the scenes.
Five years ago the health insurer introduced a new feature that let members take a photo of their receipt and submit a claim via the app.
While that improved the customer experience, it became a challenge to process the information at the backend as the volumes of photos increased, said nib's CIO Brendan Mills.
“We created a great customer experience but we then also caused ourselves some pain in processing photos because we're then taking a whole heap of flat images and having to rekey all the data [such as] provider number, customer number…it was quite an intensive process,” Mills told iTnews.
nib has said been trialing systems for the past six months. The engine uses AWS Textract to pick up all relevant information from submitted photos. The engine is set to save 20 seconds in handling time per claim, with half not needing further human intervention. nib is looking at expanding the service to process more claims, improve the service, and improve accuracy.
“For the past six months, the health insurer has been using machine learning algorithms to strip information from the photos and pass it through to the core claims processing system.
The engine, dubbed Melvin, was developed with data science consultancy Eliiza and uses AWS Textract to read the relevant information from the photos.
Mills said the process saves an average of 20 seconds handling time per claim, and about half of the claims require no further human intervention to rekey or adjust any of the fields from the image.
The insurer is now considering how to expand the service to process more claims, improve accuracy levels and determine if claims can be paid out without any human intervention.
Mills said work is underway to determine the types of claims that have a very “high confidence” level to approve automatically, possibly with a post-processing quality assurance mechanism in place.” Click here to read more
In other news:
nib: adult or child signing up to Easy Health, Ulitimate Health Max, or Ulitimate Healththrough nibAPPLY will give them two month free cover. Offer ends 31 January 2021
nib has published the findings from its State of the Nation Parenting Survey. The survey looked into the concerns of parents in 2020. Behavioural issues was identified as the top health related concern. This concern was raised by 34% of all participants. While parents with young children reported that their biggest concern was children experiencing extensive episodes of irritability, anger and short-temperedness. Nathan Wallis, nib parenting expert, commented saying that the shift during lockdown added to an already emotional stage for toddlers. When discussing lockdown experiences, participants noted that prolonged negative behaviour were common occurrences.
“Leading health insurer, nib New Zealand, has released the findings from its second annual nib State of the Nation Parenting Survey, shedding light on the concerns that have been top of mind for Kiwi parents during a year unlike any other.
Behavioural issues are the number one health concern Kiwi parents have for their children, cited by more than a third (34%) of respondents, up 13% from 2019. Last year’s biggest health-related concern, sleep, still features prominently, as do stress levels and diet and exercise.
Taking a closer look at families’ lockdown experience, the number of respondents reporting sustained episodes of negative behaviour from their children (lasting two weeks or longer) grew significantly during the nationwide lockdown period. Concerningly, this increase has been largely sustained since lockdown ended.
Parents of younger children reported prolonged episodes of irritability, anger and short-temperedness as their biggest concern, while among parents of high schoolers, the sharpest increase came in levels of concern around changes to children’s motivation.
nib parenting expert, Nathan Wallis says, “Lockdown saw most families dealing with added stress as they adapted to new and novel experiences. Toddlers may in many ways have felt this most acutely as they are already in a very emotional stage of development - it’s called “Terrible Twos” for a reason. Toddlers are also just beginning to learn how to manage their emotions, so it’s mum and dad who have to do most of it for them. This was understandably compounded by lockdown, so many parents of toddlers had it quite hard.””
The study also found that parents struggled. Participants reported that their motivation, energy levels, and performance at work decreased during lockdown while feeling overwhelmed increased. Parents reported that their biggest source of stress was financial uncertainty which impacted 39% of participants. The study found that only 8% of participants didn’t feel any stress. When discussing the future, 70% of participants reported that they felt positive and 67% believed that lockdown helped to solidify their family unit.
“The findings also clearly demonstrate the toll 2020 has taken on parents themselves. Lockdown saw sharp increases in the number of respondents suffering from decreased motivation, decreased energy levels, a sense of feeling overwhelmed, and declining performance at work. Any subsequent reduction since lockdown ended has been limited to just one or two percentage points.
The biggest source of stress reported by parents this year was financial uncertainty, impacting 39% of respondents – followed closely by the impact of COVID-19 on the world, general job-related stress and the economy. Fewer than one in 10 respondents (8%) reported not feeling any particular level of stress over this period.
For the 42% of respondents who saw their financial situation worsen due to COVID-19, the impact of this was reflected in general stress levels, and also felt in terms of quality of sleep and relationships.
Despite an undeniably tough year, it’s not all bad news. When asked about the outlook for their family, 70% of respondents reported feeling positive about the future and 67% believe lockdown strengthened their family unit, with many reporting a greater sense of happiness, and better communication as a result.”
Here is a list of the key findings:
Parents’ biggest health-related concerns for their children:
· Behavioural issues – 34% (up 13% from last year)
· Diet and exercise – 33%
· Sleep (lack of, too much, pattern changes) – 31%
· Stress levels – 31%
Biggest behavioural concerns, with episodes lasting two weeks or longer (as experienced pre-, during and post-lockdown):
· Pre-school children – prolonged episodes of irritability, anger and short-temperedness.
§ 12% pre-lockdown, 28% during lockdown, 25% post-lockdown
· Primary and intermediate children – prolonged episodes of irritability, anger and short-temperedness.
§ 17% pre-lockdown, 32% during and 28% post-lockdown
· High school children – prolonged episodes of decreased motivation.
§ 12% pre-lockdown, 37% during lockdown, 23% post-lockdown
Biggest personal impacts of lockdown – experienced by parents themselves:
· Decreased motivation – 13% pre lockdown, 29% during lockdown, 28% post-lockdown
· Decreased energy – 14% pre-lockdown, 29% during lockdown, 30% post-lockdown
· Feeling overwhelmed – 19% pre-lockdown, 33% during lockdown, 31% post-lockdown
· Declining performance at work – 5% pre-lockdown, 14% during lockdown, 13% post-lockdown
Parents’ biggest sources of personal stress:
· Financial uncertainty - 39% of respondents
· The impact of COVID-19 on the world - 36%
· General job-related stress - 34%
· The economy - 34%
Impact of lockdown on family unit:
· Greatly strengthened family unit – 24%
· Somewhat strengthened family unit – 43%
· Made no difference to family dynamics / relations – 28%
· Somewhat weakened family unit – 4%
· Greatly weakened family unit – 1%
Parents’ outlook for the future of their families:
· Very positive – 22%
· Positive – 48%
· Neutral – 18%
· Concerned – 2%
· Extremely concerned – 2%
· Don’t know / unsure – 8%
In other news:
AIA: AIA Taking Small Steps campaign won Best Brand Campaign at Interactive Advertising Bureau awards
18 Nov 2020 – The Privacy Commissioner published a reminder regarding the Model Contract Clauses for “Disclosing personal information outside New Zealand” under new Privacy Principle 12 available on the Commission website at https://privacy.org.nz/news-and-publications/guidance-resources/disclosing-outside-nz/
19 Nov 2020 – As part of Fraud Awareness Week, which runs from 15 to 21 November, the FMA released a media briefing regarding the rise in scams impersonating NZ businesses during COVID-19. https://www.fma.govt.nz/news-and-resources/media-releases/rise-in-scams-during-covid-19/
Regular readers will know that I like Seth Godin's blog. If you haven't tried it, then this piece (just 2 minutes to read) is a great introduction. Link.
18 Nov 2020 – The FMA commenced consultation on proposed guidance on advertising offers of financial products under the Financial Markets Conduct Act 2013, with consultation closing on 16 Feb 2021. https://www.fma.govt.nz/compliance/consultation/proposed-guidance-on-advertising-offers/
Congratulations to SHARE on their acquisition of the Newpark network. Goodreturns reported that SHARE NZ has bought out Darren Gannon - the details below come from their article. Darren called me to explain that the assets of the network have been sold and that the goodreturns story was incomplete. He highlighted the joint release issued by SHARE NZ and himself which can be found, also at goodreturns, via this link.
“SHARE has bought Darren Gannon's controlling stake in the insurance and mortgage advice group, TMM Online can exclusively reveal.
The acquisition, which could be announced this week, comes after Newpark sought new financing amid a lack of certainty over its life insurance revenue.
SHARE has pounced on Newpark in a bid to boost its home loan adviser numbers. Since inception, Newpark Home Loans has grown to over 200 advisers.
The combined group is likely to have over 500 advisers across investment, insurance, and mortgage advice.
A new company, Newpark 2020, was listed on the companies register, on November 12, with SHARE NZ listed as its 100% shareholder.
The Newpark brand will remain, sources said. Advisers will have the option of keeping their planned regulatory setup, or taking one of the options available to current SHARE members.
SHARE runs a corporatised offering, in which advisers own a share in the business and pool clients. It also runs a non-branded side, with advisers working under its FAP.
Sources said that despite the change in ownership, it would be "business as usual" for advisers at Newpark, and advisers would be able to keep their current regulatory and ownership structure, and keep their own FAPs.”
Darren Gannon, Adele Gannon, and Murray Weatherston are expected to step down from their roles as board members. Tony Dench is set to be the CEO of the combined group.
“Industry sources said the deal would suit Newpark advisers given SHARE's strong back-office and governance systems.
The takeover will see Darren and Adele Gannon, and Murray Weatherston step down from their board roles at Newpark, as SHARE NZ directors assume the board seats.
SHARE's Tony Dench will be the chief executive of the combined group, while Richard Thomas will become chairman, sources said.” Click here to read more
In other news
Chatswood's view is perhaps best summed up by the fact that we have now created a tag on this blog "SHARE" - because we expect to see more posts referencing them.
Fidelity Life: has been working with reinsurers to enable more customers access to Income Protection products
Fidelity Life: advisers in Te Anau helped raise $12.5k for Fiordland Conservation Trust’s Kids Restore the Kepler.
Fidelity Life: Fidelity Life will be change to questions about weight changes, criminal convictions and pending medical test results on application forms
Fidelity Life: The second batch of product modules will be available on Learning HQ. they will focus on:
- Income Protection Cover
- Monthly Mortgage Repayment Cover
- Waiver of Premium Cover
- Retirement Protection Cover
- Funeral Fund Cover
Fidelity Life: Commission payments for Fidelity Life and ex-Tower:
Fidelity Life and ex-Tower
23 Dec 2020
One run for the week
31 Dec 2020
Month end - one run for the week
16 Dec 2020
One run for the week
17 Nov 2020 – FMA released the FAP final licensing application guide titled, “Guide for providers of Financial Advice Services – an introduction to Full Licence requirements.” https://www.fma.govt.nz/assets/Licensing-guides/Introductory-guide-to-full-licence-requirements.pdf
17 Nov 2020 – RBNZ launched consultation on the details for implementing the final Capital Review decisions relating to banks announced last December, with consultation closing on 31 March 2021. https://www.rbnz.govt.nz/news/2020/11/reserve-bank-launches-consultation-to-implement-capital-review-changes
12 Nov 2020 – IRD advised that the Government has announced some changes to the Small Business Cashflow (Loan) Scheme, including extending applications for the loan, which can now be made until 31 December 2023, an extension of 3 years. https://www.ird.govt.nz/updates/news-folder/covid-19-small-business-cashflow-loan-changes
13 Nov 2020 – FMA released its Audit Quality Monitoring Report for 2020. https://www.fma.govt.nz/news-and-resources/media-releases/monitoring-shows-improvement-audits/
15 Nov 2020 – The Government announced the completion of signature of the Regional Comprehensive Economic Partnership Agreement. https://www.beehive.govt.nz/release/new-zealand-signs-regional-comprehensive-economic-partnership
16 Nov 2020 – RBNZ announced the introduction of new series and amendments to its weekly publication of Bank Customer Lending (BCL) metrics.
17 Nov 2020 – FSC advised that the RBNZ will be holding a webinar on Monday 14 December from 10:00-11:30am on insurance in relation to IFRS17 and Solvency.
16 Nov 2020 – FMA to launch the Full Licensing Application Guide for Financial Advice Provider licenses at an in person and online event hosted by Financial Advice NZ in Christchurch. https://financialadvice.nz/event/launch-of-full-licensing-requirements-for-the-new-regime/
If you already have a transitional licence or a signed contract with a company that has one, then this doesn't apply to you. If you haven't signed up - one way or another - It is time to get a transitional licence.
We know that the Financial Markets Authority strongly recommended that financial advice providers apply before Monday 14 December 2020 to ensure that their licence application can be processed before the start of the new financial advice regime on 15 March 2021.
That is now less than a month away.
If you are a financial advice provider and with a limited company and you do no not have an FSP number or have not indicated on the FSPR correctly that you intend to apply for a transitional licence, there can be delays. Do not let those trip you up - get on with it now.
If you are relying on another financial advice provider to bring you in under their licence (as an FA, or an authorised body) and you have not agreed the terms of your contract then you should view the transitional licence as a small insurance policy. For $500 you protect your right to continue to receive renewals and give advice. If you don't buy it and you are let down or don't like the contract you could lose your whole business - including the right to receive renewals according to some agency agreements - for failure to simply get a transitional licence.
I believe in insurance and that is a low-cost piece of coverage worth having.
If your financial advice business is just one company, and has an FSP number, the process to apply for a transitional licence may only take about 20 minutes.
Naomi Ballantyne recently discussed concerns that advisers have brought forward in a video that Partners Life have published. Advisers mentioned that their clients were receiving contradicting advice from other advisers. In the video, Naomi discussed the options advisers have when dealing with similar situations.
“Recently we have been contacted by a number of advisers expressing concern about some of their Partners Life clients receiving advice from other advisers, which conflicts with the advice they gave their client to retain and amend their existing covers.
What should they tell their clients when asked why they would receive such conflicting advice from two different advisers? To help answer this question, Naomi has put together a short video explaining to clients the questions they might want to ask should they be faced with this dilemma. You can easily share this video with your clients from our Facebook page, should you think this might be useful to any particular client.”
In other news
nib: organisations with 15 or more people now can have all pre-existing conditions covered
Cigna has announced that they have enhanced aspects of Income, Mortgage Repayment, Complete Disablement, Trauma and Premium Covers. The enhancements include changes in wording and benefits. The changes were made effective as of 11 November 2020. The changes are designed to give customers more flexibility during the claims process as well as allowing customers with a low-grade tumor or a listed progressive conditions such as Alzheimer’s disease to claim.
“We’ve made enhancements to a number of definitions and benefits across our Income, Mortgage Repayment, Complete Disablement, Trauma and Premium Covers.
Among the changes is the addition of an alternative 10-hour disability definition to our base Income, Mortgage Repayment and Premium Covers. This will give your customers more flexibility when applying for a total disability claim.
The enhancements also include removing the severity requirements on the full Trauma benefit criteria, making it easier for your customers with a low-grade tumor or a listed progressive condition such as Alzheimer’s disease to claim.”
Below is a full list of benefit changes.
“We have made the following enhancements to our Assurance Extra Income Covers, Mortgage Repayment Cover and Premium Cover:
- Adding an alternative (10 hour) Total Disability definition
Assurance Extra Income Cover, Mortgage Repayment Cover & Premium Cover
We’ve introduced an alternative total disability definition to our base covers where if an illness or injury causes the life assured to be unable to work more than 10 hours a week in their pre-disability occupation, they may still be considered for a Total Disability Benefit. Any income they’ve earned from working within these 10 hours, will be subtracted from the benefit amount payable.
- Total Disability Benefit & Partial Disability Benefit –Removal of the 14 days & 7 days total disability criteria
Assurance Extra Income Cover & Mortgage Repayment Cover
We’ve removed the 14 days initial period of total disability criteria under our Total Disability Benefit, and the 7 days initial period of total disability criteria under our Partial Disability Benefit. This has improved the claim-ability of this cover, meaning the life assured is more likely to qualify for a claim payment.
- Total Disability Benefit – removal of limitation for concurrent Mortgage Repayment Cover and Income Cover claims
Assurance Extra Income Cover
We’ve removed the limitation (added in April 2019) under all our Income Covers which reduces the Income Cover benefit after 6 months if the life assured is also getting a Mortgage Repayment Cover benefit for the same disability.
- Recurrent Disability Benefit – Extending period of recurrence from 6 months to 12 months
Assurance Extra Income Cover, Mortgage Repayment Cover & Premium Cover
We’ve extended the period of recurrence to 12 months under all Assurance Extra Income Covers, Mortgage Repayment Cover and Premium Cover regardless of the selected payment term. Previously the period of recurrence had to be 6 months if a payment term of 2 years or 5 years was selected under Income Cover or Mortgage Repayment Cover.
- Return to Work Benefit – adding an additional scenario for claim
Assurance Extra Income Cover & Mortgage Repayment Cover
We’ve added an additional scenario for claim, where, if the life assured has been accepted for a Vocational Retraining or Rehabilitation Benefit that resulted in them returning to full time employment or self-employment, they may now get extra financial support under the Return to Work Benefit
- Premium Cover – Refund premiums paid during the waiting period upon acceptance of a Disability Benefit claim
Assurance Extra Premium Cover
Going forward, if a Disability Benefit claim has been accepted, the premium waiver would be applied retrospectively from the first day of the life assured’s disability. This means that at the end of the waiting period, we will reimburse any premiums paid in respect to coverage during the waiting period.
In other news
11 Nov 2020 – RBNZ announced a delay to the start of increases in bank capital until 2022 to allow banks continued headroom to respond to the effects of the COVID-19 pandemic and to support the economic recovery. In December, the Reserve Bank will consult about re-instating loan-to-value ratio (LVR) restrictions on high-risk lending with effect from 1 March 2021. Further, the restrictions on dividends and redeeming non-Common Equity Tier 1 (CET1) capital instruments put in place in April 2020 will be retained until 31 March 2021, or later if required. The Reserve Bank has also written to insurers to advise it has updated expectations on dividends. The Reserve Bank expects that insurers will only make dividend payments if it is prudent for that insurer to do so, having regard to their own stress testing and the elevated risks in the current environment. https://www.rbnz.govt.nz/news/2020/11/further-regulatory-steps-to-promote-cashflow-confidence-and-stability
11 Nov 2020 – RBNZ Monetary Policy Committee agreed to provide additional monetary stimulus to the economy in order to meet its consumer price inflation and employment remit. The Committee agreed that the additional stimulus would be provided through a Funding for Lending Programme (FLP), commencing in December. The FLP will reduce banks’ funding costs and lower interest rates. The Committee will also continue with the Large Scale Asset Purchase (LSAP) Programme up to $100 billion, and retain the Official Cash Rate (OCR) at 0.25 percent in accordance with the guidance issued on 16 March. https://www.rbnz.govt.nz/news/2020/11/more-monetary-stimulus-provided
11 Nov 2020 – NZX confirmed 10 Dec 2020 as the date for the Exchange’s new separate regulatory agency, NZ RegCo, being a stand-alone, independently governed, agency performing all frontline regulatory functions in support of NZX’s statutory obligations as a licensed market operator.” Implementation required various amendments to be made to NZX’s market rules and the NZCDC settlement system rules, also coming into effect on 10 Dec 2020. https://www.nzx.com/announcements/363019
Okay, I know that life insurance is not quite the compelling subject for others as it is for me, but AIA recently conducted some research which revealed a quite astonishing fact:
"... two thirds of Kiwis having never had a conversation about life insurance..."
Thanks to Nick Stanhope, CEO of AIA, for bringing that to our attention. It is a wake up call for the sector. Of course, some people have had a conversation and forgotten it - which is, when you think about it, the same thing. Remember the proverb: "To know, and yet not act, is not to know". Some people are unable or simply do not require cover - but to be unaware of it entirely is a massive failure on the part of the industry. If there is responsibility to be attached to this concern, then it is the responsibility of the industry, not the consumer, to provide a remedy.
Southern Cross has announced the launch of Cancer Cover Plus. The new cover is intended to give members broader chemotherapy options. Cancer Cover Plus will give members the option to upgrade to Chemotherapy 100, which has a benefit limit of $100,000 or Chemotherapy 300 which has a benefit limit of $300,000. Additionally, members will have the choice to access non-Pharmac cancer drugs.
“Southern Cross Health Insurance (SCHI) is launching competitive cancer care cover to give members more choice when it comes to chemotherapy, including increased access to cancer drugs not subsidised by Pharmac.
SCHI’s new Cancer Cover Plus has two optional upgrades - Chemotherapy 100 (benefit limit of $100,000) and Chemotherapy 300 (benefit limit of $300,000) – to help members during their cancer treatment journey. This covers the cost of Pharmac and non-Pharmac, Medsafe indicated chemotherapy drugs and their administration for the treatment of cancer.”
Nick Astwick has said that the new cover has been designed with the needs of members in mind. Cancer Cover Plus has been developed to complement the unlimited surgical and radiotherapy benefits. Astwick notes that the cover was created so more New Zealanders have faster and more access to affordable cancer treatment options.
“We understand that a cancer diagnosis, or the fear of one, can be scary for people so we wanted to give members peace of mind by providing them with more cancer cover options.
“We have developed them to complement the unlimited surgical and radiotherapy benefits we offer in most of our plans, and this will help to provide a comprehensive package to the vast majority of our members who have these products and also tell us their main concern is cancer care,” he said.
The Southern Cross Healthy Futures Report 2020 revealed that 79 per cent of New Zealanders are concerned about not having access to cancer treatment services and 59 per cent are worried about experiencing or developing an illness or disease.
“Not all cancer drugs are funded by Pharmac which makes them unaffordable for many people. We created this new cancer cover so Kiwis could have faster access and more treatment options to receive potentially lifesaving chemotherapy drugs if they need to,” said Astwick.”
In other news:
From Partners Life: Do your self-employed clients have the right income cover?
The FSC has published a new disclosure guide. The guide is designed to help advisers meet obligations and provides information on what to disclose and what is not necessary to disclose. The FSC has focused on life insurance, investment, mortgage advice. The document examines the different disclosure requirements by using Kowhai Advice and Pohutukawa Advice as examples. The guide provides information on:
- general requirements
- publicly available information
- when the nature and scope of the advice is known
- when making a recommendation
- when a complaint is received
in other news
10 Nov 2020 – The Financial Advisers Disciplinary Committee website has again been amended such that the “Next Hearing” has been changed from 19 Nov 2020 to Thursday, 10 Dec 2020 at 9:00 a.m., with no further information provided other than details of the venue. https://fadc.govt.nz/upcoming-hearings/
6 Nov 2020 – The Privacy Commissioner published on the website details relating to the serious threat to public health or safety exception where the collection, use and disclosure of personal information is needed to combat a serious threat to public health or safety, such as Covid-19. https://www.privacy.org.nz/blog/privacy-covid-19-and-the-serious-threat-to-public-health-exception/
9 Nov 2020 – FSC released a new Disclosure Guide for the financial advice community. https://www.fsc.org.nz/site/fsc1/Reports/Financial%20Services%20Council%20-%20%20Disclosure%20Guidelines.pdf