To help you navigate the changes to IFRS 17 proposed by the International Accounting Standards Board within the recent Exposure Draft, and understand stakeholder feedback received by the Board on the ED, KMPG are holding this webcast on the 16th of October.
Matthew Herper at Statnews has this fascinating article on the importance of HPV vaccination. In New Zealand HPV vaccination was originally only funded for females between, but this was extended to males in 2017. The prevention of cancers of the mouth and throat through the use of this vaccine will save lives and treatment costs, enhancing health and wellbeing for all.
Stories From the Marketplace by Michael Larsen explores the history of at New Zealand’s Capital Market. The book focuses on the events that occurred within the past 30 years although it is initiated by the NZX to mark their 150th anniversary.
The book will include interviews with notable New Zealanders and industry figures. The book is available for pre-order and will be available in October. Over 100 individuals spoke about their experiences and gave their opinions on the events that have impacted the market during the past 30 years.
Michael is an incredible talent, with numerous works to his name. As he is a friend and neighbour here in the office I got to hear some of the stories and learn a bit about the process of putting this together - which has been a huge job. Congratulations to Michael and the NZX for the initiative.
Nigel Brunel, Director of Institutional Communications at OMF (owned by Jarden) describes our main climate change policy:
"NZ’s Climate Change Weapon - Why Our ETS Is A Plastic Fork For A Gun Fight"
In his piece, which is not a long read, and if you aren't at the climate strike and still feel that more needs to be done to reduce emissions of carbon and get on a sustainable track, then taking a moment to read this might be just the thing, just for today. Brunel feels strongly that although the move to a net carbon zero economy is often painted as an economic headwind, it will generate winners and losers, like most changes. In the end of course, unmitigated climate change only creates losers... Nevertheless, Brunel states clearly:
"The New Zealand Government is not alone in needing to be more blunt and upfront about the magnitude of the changes needed to meet the commitments and targets set. The changes and the costs (or benefits) of them will impact every economy, every market, consumer and investor around the globe."
As Greta Thunberg chided world governments for not doing enough, and she is right, we know also that to some extent that is simply because we are all not doing enough, as supported by these reports: from The Economist, and this stack of data from Our World in Data to add to the pile.
OnePath have announced some changes to their systems. From the 1st of October they will be moving away from their current "back-end" system Talisman to the cloud-based Sonata system. Due to the change they have requested all applications and requirements required will need to be submitted by the 26th of September as there will be a close out period from the 26th September to the 1st of October.
To align with the move to Sonata OnePath are also launching a new payment process. This system will automate the process for advisers collecting credit card and direct debit details.
OnePath have also announced two appointments to their Adviser Distribution team. Chris Hand taking the role of Senior Manager, Adviser Distribution and Carol Saxton as Business Partnership Manager.
As required by our agreement with an important customer, Chatswood has reviewed its commitment to diversity, and publishes this statement of policies intended to support our goal of a diverse and inclusive workplace. We take this seriously, as well as being what a decent business does, we also believe that it delivers an important breadth of perspective. If we can overcome unconscious bias in our workplace, it makes us better industry analysts - overcoming all sorts of cognitive biases is a skill we can practice and grow better at in a number of ways. We see to encourage participation in our business of people from different backgrounds, as well as make it possible to raise issues of barriers or behaviour that may stand in the way of that. A brief overview of our report is below:
- Gender-based measures: out of seven staff and contractors 4 are female, 3 male. The ratio is 1:1 at director level
- Treatment of migrants/ethnicities: four of us were born in another country – roughly consistent with the average for Auckland, where it is just under 50%
- Disabilities: none of our staff are subject to significant physical disabilities. Our current office may not meet our future accessibility requirements
- Sexuality: anonymous surveys and access to all directors and management provide reasonable ability to raise any concerns about discrimination or behaviour
A series of announcements today provide us with the expected update on the proposed new conduct regime for financial institutions. Here are the important links. Summary is below.
In summary, the regime will involve the following:
- Create a licensing regime for banks, insurers and non-bank deposit takers (such as credit unions) regarding their general conduct. These institutions will be licensed by the Financial Markets Authority.
- Require licensed institutions to meet a fair treatment standard (for example, to pay due regard to the needs and interests of customers and treat them fairly)
- Require licensed institutions to implement, effective policies, processes, systems and controls to meet the fair treatment standard. Regulations will specify what these policies, processes, systems and controls must include.
- Outline what obligations financial institutions have in relation to remuneration and any other sales incentives, and how they must manage the risks those incentives create.
- Prohibit sales incentives based on volume or value targets (e.g. soft commissions such as overseas trips, bonuses for selling a certain number of financial products, leader boards, and performance management based on the volume of sales). This prohibition will apply to banks, insurers, non-bank deposit takers and their intermediaries.
- Make licensed entities accountable for sales to consumers by the entities contracted intermediaries who are not financial advice providers (non-adviser intermediaries include car dealers, retailers selling add-on finance and insurance, and travel agents or airlines selling travel insurance).
The finalists for the ANZIIF New Zealand Insurance Industry Awards have been announced. The awards are being held on the 27th of November at the Cordis Hotel in Auckland.
The finalists for the 2019 New Zealand Insurance Industry Awards are:
- Life Insurance Company of the Year - Asteron Life and Fidelity Life
- Innovation of the Year - AA Insurance, Cove, Cover-More Travel Insurance, and Initio
- Service Provider to the Insurance Industry - CoreLogic NZ, IVAA Jewellery Claims Management, JB Hi-Fi, Smith & Smith, and Verisk
- Large Broking Company of the Year - Insurance Advisernet New Zealand and Rothbury Insurance Brokers
- Underwriting Agency of the Year - Delta Insurance and Underwriting Agencies New Zealand
- Direct General Insurance Company of the Year - AA Insurance, FMG, and Tower Insurance
- Professional Services Firm of the Year - Crawford and Company NZ, DLA Piper, Duncan Cotterill, Finity Consulting, RMS, Sedgwick New Zealand, and Wotton + Kearney
- Excellence in Workplace Diversity and Inclusion - DLA Piper, IAG NZ, Suncorp New Zealand, and Zurich New Zealand
Congratulations to Fidelity Life who have been awarded the Accessibility Tick which is an independent endorsement of commitment to being more accessible to, and inclusive of, people with disabilities.
Below is a snippet from their announcement: