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FSC News - July

Submissions for the FSC Awards are now open, the categories include:

  • Emerging Leader Award
  • LIT of the Year Award
  • Team of the Year Award
  • Improving Consumer Outcomes Award
  • Governance Award
  • Innovation and Wellbeing Award
  • Chairman's Award for Service to the Industry

Click here to nominate someone. 

The FSC Regulation Committee have responded to the Insurance Contracts Law Review options paper, their detailed response outlined the follow themes:

  • the consolidation and modernisation of Life Insurance legislation.
  • the modernisation of the duties regarding the disclosure of information to insurers.
  • initiatives, including for example through FSC Code Standards 2 and 4, to encourage communication with customers that is clear, effective and timely.
  • the continuation of an unfair contract terms regime, and note that it would now operate in conjunction with the principles-based conduct duties proposed in the Conduct of Financial Institutions options paper.
  • adequate transitional arrangements.

The FSC ran a session with members this month to review input from the various workshops held on the FSC Code standards over the last quarter. At the session they announced the following people as members of their independent Code of Conduct Disciplinary Committee:

  • Geoff Clews: Barrister and Chair of the Disciplinary Committee
  • Alesia Gartrell: Senior Corporate Counsel at Chorus
  • Hon Paul Heath QC: Barrister and former Judge of the High Court of New Zealand
  • Professor Rob Merkin: Professor of Law at the University of Exeter in the UK and Honorary Life President of the International Association of Insurance Law.
  • Victoria Werohia: Head of Risk and Assurance at ACC
  • Linley Wood: Trustee and Director of a number of not for profit organisations.

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