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FSC Insurance Stream Update - Connecting better to consumers

Putting together the programmes for different FSC Panels has been fascinating. Consumer needs, expectations and the real risks and financial challenges they face are changing. How do consumers increase their ability to engage with the industry? We consider these challenges and strategies to meet them. If you're attending the conference I shall look forward to seeing you there, and how you can join us for this discussion.

Panel participants include: 

Jenee Tibshraeny, Financial Journalist at interest.co.nz  
Susan Taylor, Chief Executive Officer at FSCL 
Gareth Parry, Partner at PwC
Peter Sobels, Founder of Riskinfo Australia and New Zealand

Click here for conference details.


Quick Profile - Roy Norris, FSC Conference Speaker

Educated at the University of Stellenbosch and UNISA (University of South Africa) Roy has been in the financial services industry all his working life both in South Africa and New Zealand. He immigrated to New Zealand in 2001 after 10 years in South Africa and has more than 28 years industry experience mainly in Sales & Operations. Roy started in New Zealand as General Manager Operations at Fidelity Life and after seven years moved to Head of Sales & Marketing. He left in 2012 where he contacted to Generate KiwiSaver to assist in growing its distribution arm. Today Roy has his own financial advice business, established in 2013. Roy is Principle of R&G Consultants Ltd, and is Chairman of Plus4 Insurance Solutions Ltd. Roy also sits on the Adviser Group Network which include the heads of other adviser groups. Roy is married to Gayle and has two sons, one at school and one studying engineering at Auckland University.He enjoys cycling, golf and cricket and still plays for the Auckland University Presidents Eleven.

Roy is a panel member for the insurance industry in 2023 discussion on the 7th of September at the FSC Conference





Quick Profile - Philip Macalister, FSC Conference Speaker

Philip Macalister is the founder and managing director of ASSET Magazine and Good Returns.

He has been involved in the financial services industry for nearly 30 years covering developments in life insurance, financial planning, mortgages, investments and KiwiSaver.

Philip holds a unique position as an industry commentator and observer.


Philip is chairing our panel on the state of the industry in 2023. You can join us for the panel on September 7th at the FSC conference.

Philip Macalister

Quick Profile, Barry Read - FSC Conference Speaker

Barry was founder of compliance firm IDS, which was sold to Strategi earlier this year. Barry started in the financial services industry in 1987 and worked for some of New Zealand’s leading Insurance and Investment companies. He has also performed various roles for the Institute of Financial Advisers, Professional Advisers Association, NZ Financial Advisers Association, The Skills Organisation and Financial Services Council. Barry is passionate about good financial advice and specialised in helping advice businesses manage their compliance, develop their advice processes and grow their businesses. Barry is participating in our industry 2023 panel on the 7th of September.


Quick Profile, Jaime Monaghan - FSC Conference Speaker

Jaime Monaghan, Head of Insurance at Trade Me, and panelist in our Industry in 2023 workshop on 7 September.

Personal:  A proud Scot, now settled in New Zealand, I'm married to Dave and we have three young children.  I try to fit in some cycling and badminton around the kids' busy sporting schedules, and help Dave run our small lifestyle block in the beautiful Mangaroa valley.  

Education:  I left school for the lure of the University of Aberdeen, where I gained a Master of Arts with honours in Accountancy.  I then went on to qualify as an Accountant with the ACCA.

Professional:  I've been in Finance teams throughout my career, including 8 years in the Kiwibank finance team where I led the Business Advisory team.  I joined the Trade Me finance team in 2015 before making the leap from the familiarity of bean-counting to take the helm at LifeDirect. 

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FSC Insurance Stream Update - Insurance Industry in 2023

FSC Conference preview: 2023 - How will the industry look once changes as diverse as the Insurance Contracts Act, new privacy laws, and FSLAB have been implemented? Alongside technological and societal changes – we explore different facets of our industry’s future from adviser business perspectives. If you are attending the conference please join us at 11.15 on the 7th of September to hear this excellent panel discuss the issues.

Panel participants include: 

Philip Macalister, Managing Director at Tarawera Publishing 
Jaime Monaghan, Head of Insurance at Trade Me 
Roy Norris, Principal at Plus4
Barry Read, Industry Veteran

Click here for conference details.


Will FSLAB Improve advice? Will it improve access?

Looking through the reading material on the industry yesterday the wording of the RiskInfo poll on the impact of FSLAB caught my attention. Here is the question:

"Will the Government's financial advice legislation reforms improve access to high-quality financial advice?"

It seems simple, but includes two dimensions quality of advice, and access.

I must admit to struggling to answer. In the end I plumped for 'not sure', which might seem like a bit of a cop-out, but I'm genuinely not sure. I do believe that FSLAB will almost certainly improve the quality of advice on offer. It is already, with much more interest being shown by some RFAs in the process of developing effective statements of advice, for example. I also know QFE managers that are more focused on advice as they contemplate taking their QFEs through transition to licence-holder status. I also think it will reduce the numbers of people claiming to offer advice, and that may or may not be a bad thing - depending on how many that number is. If regulation and costs are too tough we could lose lots of good people. If they aren't tough enough the law will have failed too. The challenge for CWG, FMA, and MBIE in their various roles in the change is to come up with the 'Goldilocks' result: just right, and there are many different views about what that is. But I am quite unsure that greater access to advice will result, and in my heart I suspect the answer is a modest reduction in access.

I have a model (which produces a Sankey chart) to enable me to experiment with different scenarios for the future numbers of advisers in different entities, I am yet to land on a 'most likely' case. If you work in distribution, or deal with financial advisers (of any type) I suspect that kind of variability creates a great deal of uncertainty and worry about how to invest for the future.

Advicemonster - We need your input

It was great to see more than 500 advisers in our recent roadshow to launch Advicemonster. We know that we are near the beginning of this journey and we have many suggestions for enhancements to the needs analysis and statement of advice documents. Added to that, with more information on the structure of the new regulatory environment and some great feedback from advisers groups we are looking to launch some key enhancements to the service which will be released in October. Then we have some further development decisions to be made. We need your help. To help us decide what features to add after the October update we would be very grateful if you can complete the survey. It can be anonymous (so you can be mean if you want) or you can include your details (so we can talk with you about your cool ideas). So please take a look at the survey 

Quick Profile, Shelley Cox - FSC Conference Speaker

Shelley Cox is Head of Adviser Distribution and Distribution Strategy at AMP. Cox graduated with a Bachelor of Technology in applied mathematics from Auckland University before working with leading consulting companies Cap Gemini and Davanti. With a background in change leadership before switching to operational management roles Cox’s experience was already broad. Adding adviser distribution and distribution strategy to her portfolio of experience enables her to bring very practical insight to our panel.

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Quick Profile, Aych McArdle - FSC Conference Speaker

Aych McArdle is a community advocate and LGBTI+ human rights defender based in Tāmaki Makaurau. In 2016 they ​received a scholarship​ ​to participate in​ ​ISHR's "Human Rights Defenders Advocacy Programme" ​in ​Geneva to participate in an intensive training programme on how to use UN mechanisms in grass roots activism. ​While in Geneva ​Aych also had the opportunity to participate in the 32nd UN Human Rights Council which saw the adoption of the historic SOGI resolution establishing a mandate for an independent expert on Sexual Orientation and Gender Identity at the UN.

Aych has worked across many rainbow community organisations and initiatives in Aotearoa and brings a wealth of experience in working in the "in-between" spaces. Currently the research and human rights expert at the Intersex Trust of Aotearoa New Zealand and a Local Advisory Member of CCS Disability Action. Aych will bring the perspective of the Rainbow community in relation to mental health and well-being, and how insurance product design can unintentionally cause adverse mental health outcomes for members of this community.

Aych join's the FSC panel on changing minds - a review of mental health environment issues for the insurance sector, and reminds us that sometimes the best contribution we can make to the health of others is acceptance.