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Prioritising Health to Help Promote Economic Recovery

Health and wealth are clearly strongly connected. Poor health usually leads to poverty. Good health is both often a precondition for wealth and easier to maintain when you have more resources and choices. This connection will be explored in the coming FSC Getting in Shape event in February. McKinsey covers some of the value of the wider economic value in this article: https://www.mckinsey.com/industries/healthcare-systems-and-services/our-insights/how-prioritizing-health-could-help-rebuild-economies?cid=soc-web# 


University adviser course finalised, and more daily news

Massey University and Kaplan Professional’s Certificate in Business Studies (Financial Services pathway) adviser course is now ready. Massey University worked with Kaplan Professional to create a course that’ll help new advisers and existing advisers. Dr. Jeff Stangl, international and strategic partnerships director at Massey Business School has said that the 18 months spent on the development of the course ensures that those registered will improve their skills.

“Massey has been working with Kaplan Professional for one-and-a-half years to make sure that the course will allow advisers to leave feeling confident and settled in the new regime.

Dr Jeff Stangl, Massey Business School international and strategic partnerships director, says that now is a time for New Zealand’s business community “to lift their game nationally as far as the educational requisite for advisers is concerned”.

Stangl says that the amount of work that went into creating this course means that those who enrol should expect to see their skills improve greatly.”

The course was created using material from both New Zealand and Australia. The digital course will cost $1,800 and will provide advisers access to Ontrack, Kaplan Professional’s continuing education platform. Additionally, New Zealand advisers will have access to personalised support. The course includes a compulsory Financial Advice Fundamentals course and an elective specialisation. Adviser wishing to take additional courses they will need to pay $900 for each specialisation.

“The creation of this programme was pretty intense, we engaged subject matter experts on both sides of the Tasman. It was truly a trans-Tasman collaborative effort to create a programme specifically for the New Zealand market.”

A big part of the course’s attraction is the fact that it allows participants to have one-year’s access to Ontrack, Kaplan Professional’s continuing education platform. Stangl says the product is a game changer. “This is a newly released CPD tracking software that is already becoming the standard in the Australian market. It is just a brilliant piece of engineering.”

The Certificate in Business Studies (Financial Services pathway) will be delivered online and New Zealand advisers will have access to personalised support.

The course costs $1,800 and includes the compulsory Financial Advice Fundamentals course, plus one elective specialisation (investment; life, disability and health insurance; general insurance; or residential property lending). Additional specialisations are $900 each.” Click here to read more

In other news

SwissRe: CEO Christian Mumenthaler said even though companies don’t know how to achieve net-zero by 2050, they should take “a leap of faith” and set the target.

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Legal and regulatory update for the life and health insurance sector

27 Jan 2021 – Privacy Commissioner announced that he will virtually chair an international Computer Privacy and Data Protection conference over 27-29 Jan, commencing NZ time 5 p.m. on Thursday, 28 Jan, with a live stream available. https://www.privacy.org.nz/resources-2/forums-and-seminars/computer-privacy-and-data-protection-conference-cdcp/

28 Jan 2021 - FMA released its review of NZX technology issues finding the stock exchange failed to meet its licensed market operator obligations due to insufficient technology resources. NZX also released a response to the FMA review. Relevant FMA and NZX web links are https://www.fma.govt.nz/news-and-resources/media-releases/fma-releases-review-of-nzx-technology-issues/ and https://www.nzx.com/announcements/366811

28 Jan 2021 – RBNZ released the results of a research report showing the Māori economy is increasingly diverse and opportunities remain for it to continue growing and reach its full potential. https://www.rbnz.govt.nz/news/2021/01/e-hauora-ana-e-matahuhua-ana-te-ohanga-maori-e-ai-ki-nga-rangahau


Fidelity Life on understanding compliance, and more daily news

Fidelity Life has compiled information relating to the FMC Act and the obligations of advisers. The information is displayed in a one page document that outlines the compliance expectations of advisers and FAPs. A list of standard conditions of licensing, code of professional conduct for financial advice services, and disclosers are included.

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In other news

Fidelity Life: A- financial strength rating has been reaffirmed for the 25th consecutive year

Fidelity Life: North Island Accreditation workshops to commence. Workshops will help advisers get parts 1 and 2 of accreditation.

Wealthpoint: Broker Manager (Senior General Insurance Broker) advertised


nib Australia announces new COVID-19 friendly travel insurance product, and more daily news

nib Travel Group has announced the introduction of an insurance product with built-in COVID-19 cover for customers travelling domestically and internationally. The product is set to offer cover for some COVID-19 related events. The product will be introduced across all nib Travel Group’s brands. Anna Gladman, nib Travel Chief Executive Officer has said that the new product highlights the efforts of the insurer to offer continued protection to customers. Gladman has said that they reassessed the level of cover offered by existing products as they understand the lasting effects COVID-19 will have.

“nib Travel Group (nib Travel) has today announced a new travel insurance product which includes plans which offer cover for some Coronavirus (COVID-19) related events as it resumes selling travel insurance policies in Australia.

The new product will be rolled out across all nib Travel brands starting with Travel Insurance Direct (TID).

nib Travel Chief Executive Officer, Anna Gladman said the new product reflects efforts to find new ways to protect travellers in a world learning to live with coronavirus.

“We understand travellers are concerned about the impact coronavirus might have on their plans and health while travelling. A survey* of our travellers showed 40% were looking for Coronavirus (COVID-19) related events in their policy,” Mrs Gladman said.

“With coronavirus destined to become part of normal life and in response to the challenges this poses to travel we have reassessed our coverage and the protection we can extend to travellers," she said.”

It has also been announced that customers looking to increase their level of cover will have access to some cancellation and additional accommodation costs if they are required to quarantine while travelling. Cancellation coverage has also been introduced for essential workers who may be required to return to work.

“In addition to new cover for coronavirus-related medical expenses overseas, travellers who choose a higher level cover also have access to some cancellation and additional accommodation costs if subject to quarantine as a result of a diagnosis while travelling.

The new product also recognises the extraordinary contribution of healthcare, aged care and law enforcement workers who have worked tirelessly against COVID-19 with special provision for cancellation coverage should they be asked to return to work.

The new product will support those travellers looking to book trips both domestically now and internationally in the future with the desire to travel remaining strong.” Click here to read more

In other news

FSC: Hon Dr. David Clark, Commerce and Consumer Affairs Minister to speak at Get In Shape Advice Summits

Ministry of Health: Our consultation on draft #VapingNZ regulations opened today, covering everything from packaging requirements to where vaping products can be displayed.

FSC: Breakfast with Rob Everett - Outlook 2021 Launches Digital Stream


Legal and regulatory update for the life and health insurance sector

22 Jan 2021 - RBNZ advised that it will be postponing publication of most statistical releases. It will provide an updated release calendar when it can but expect delays of 3-4weeks to most publications.
 
At this stage, statistics impacted by this delay will include:

  • Bank customer lending (C65 & C66): delayed from 12 January
  • Credit card balances and spending (C12 & C13): delayed from 26 January
  • New mortgage commitments - Loan to Valuation Ratios  (C30-C35): delayed from 29 January
  • Bank Balance Sheet (C5, C50-52, S10-41): delayed from 29 January
  • Non-bank Lending Institutions (T1,T4, T11, T21, T31): delayed from 29 January
  • Bank Liquidity  (L1-3): delayed from 5 February
  • Retail interest rates (B3, B6, B20, B21, B25-27): delayed from 5 February

Other publications scheduled for February and March are also expected to be affected, including the December 2020 quarter Bank Financial Strength Dashboard (scheduled for release on 3 March). Delays to publication are necessary because the file transfer software application, Accellion FTA, recently breached, was used for onboarding data from regulated entities and other suppliers into the RBNZ. The RBNZ will not be collecting data from these entities for statistical production until a new secure file transfer system is implemented. RBNZ expect the new system to become available in February 2021.

26 Jan 2021 – FMA published the findings of its obligations review of the ASX 24 derivatives market for the period of 1 July 2018 to 30 June 2020. https://www.fma.govt.nz/news-and-resources/media-releases/asx-24-derivatives-market-review-released/

25 Jan 2021 – ASIC announced that it became aware on 15 January 2021 of a cyber security incident affecting a server used by ASIC . Like the recent RBNZ breach incident, this incident related to Accellion software used by ASIC to transfer files and attachments. It involved unauthorised access to a server which contained documents associated with recent Australian credit licence applications. https://asic.gov.au/about-asic/news-centre/news-items/accellion-cyber-incident/


Updated Quality Product Research Database v140

Institutional subscribers have just been sent the latest database from Quality Product Research Limited, v140. This version includes the following changes:

* AIA Living enhancements effective 01/12/2020 - no rating changes applied

* AMP Lifetrack enhancements effective 21/09/2020 - rating changes applied

* AMP RPP enhancements effective 21/09/2020 - rating changes applied

* Review of - TPD item in MP/IP


Implications of approval of Australian advisers operating in NZ, and more daily news

The Financial Markets Conduct (Australian Licensees) Exemption Notice 2020 issued by the FMA allows Australian licence holders and representatives to operate in New Zealand. Although MinterEllisonRuddWatts special counsel Alistair Robertson says there is nothing to worry about, some advisers have expressed their concerns about allowing Australian advisers to enter the market at this time. Robertson has clarified the terms of the exemption saying that Australian advisers that choose to move to New Zealand will be able to continue servicing Australian clients.. The exemption doesn’t allow Australian advisers to service New Zealand clients. Australian advisers looking to achieve the exemption will need to:

  • “Hold a current Australian financial services licence, be in the business of providing a financial service in Australia, and not have a New Zealand place of business.
  • Be registered as a financial service provider in New Zealand, and be a member of a dispute resolution scheme.
  • Take all reasonable steps to ensure its representatives submit to the New Zealand courts in respect of the relevant financial services.
  • Give the FMA written notice that it intends to rely on the Exemption Notice.
  • Have procedures that give reasonable assurance that the licensee and its representatives comply with relevant Australian regulatory requirements when giving regulated financial advice to a New Zealand retail client under the Exemption Notice.”

“The FMA released an updated exemption that allows Australian financial service licence holders and their representatives will be free to operate in New Zealand without a local licence, following the rubber stamping of the Financial Markets Conduct (Australian Licensees) Exemption Notice 2020.

The move, which came at around the same time that politicians were scrambling to finalise a trans-Tasman travel bubble, was the finalisation of a proposal first put forward to the industry in August 2020.

Some advisers may be worried that allowing Australian advisers into the New Zealand market at such a tumultuous time of regulation change could cause trouble.

Alistair Robertson, special counsel at MinterEllisonRuddWatts says that New Zealand advisers have nothing to be worried about.

“The exemption is limited in scope. It does not allow Australian financial advisers to solicit New Zealand retail clients. It generally allows Australian advisers to continue to service Australian clients if they, the adviser, move to New Zealand without having disruption to those clients and without complying with the New Zealand licensing regime.” Click here to read more

In other news

From Goodreturns: Barry Kloogh not forced to pay reparations

From Stuff: Mortgage adviser client upset at $2500 bill

From Stuff: Covid-19 ended my flight attendant career, but it also taught me resilience


Asteron Life on dealing with compliants, and more daily news

Asteron Life has notified advisers that it would like to know when a customer compliant relating to the insurer is brought forward. Asteron Life has said that this presents an opportunity to improve services. Asteron Life has prepared a shareable information sheet about the steps to support clients through their complaint process.

“If a client has a complaint, we want to know about it because we see it as an opportunity to put things right and improve our service for the future.

We take complaints seriously, whether it’s about our products, services or something else. Our established complaints management process - which meets regulatory and industry code of practice obligations - ensures we put the client at the heart of everything we do. It also means we are able to acknowledge and respond to a client complaint in a timely manner.”

Since you work so closely between Asteron Life and the client, you may end up being the recipient of a complaint about Asteron Life. So our team can do everything they can to resolve it, we have put together a simple one-page guide on how you can support the client and report the complaint. The guide includes an outline of how to spot a complaint, how to deal with a complaint and who to notify at Asteron Life.

This document is not for clients, but rather an easy process for you to follow. Please feel free to share the guide with your colleagues who may also receive complaints from clients. If a client would like to know more about the complaints process they can visit the Asteron Life website or call us on 0800 737 101.”

In other news

Financial Advice: Financial Advice and The Ethics Conversation to offer virtual Professional Ethics Workshops

From Insurance Business Mag: How will a vaccine impact the availability of travel insurance?