FMA publishes info sheet for FAPs about compliance with record keeping obligations, and other news

The Financial Markets Authority has published an information sheet for Financial Advice Providers about how they can demonstrate compliance with record keeping obligations.

Under the new financial advice regime Standard Condition 1 for both transitional FAP licences and full FAP licences states: “You must create in a timely manner and maintain adequate records in relation to your financial advice service.”

The information sheet provides an overview of the record keeping obligations and sets out areas for FAPs to consider when reviewing their record keeping practises. It also includes examples to illustrate how FAPs can demonstrate compliance with the requirements.

More daily news:

Good Returns: The new-client conveyor-belt is broken

Christian Hawkesby holding Post-Monetary Policy Statement Presentations 31 May and 1 June

Kiwibank updates branding and introducing new slogan


Fidelity Life launches ‘Mark It’, a marketing and communications resource, and other news

Fidelity Life has launched Mark It, a marketing and communications resource to help advisers better connect with customers - includes how-to-guides, communication templates and educational content.

Mark it will include how-to-guides and communication templates designed for a range of customer life cycle scenarios, as well as educational content about different types of life insurance for customers’ changing ages and stages.

All Mark it content is written in plain English. New tools and content will be added over time, with the aim of helping advisers provide useful, educational content for customers.

More daily news:
RBNZ raises OCR 2%
Terrance Coe believes delay of NZIIS commencement is sensible; ACC should use TPA's for optimal results
Opposition criticises Income Insurance Bill


QPR welcomes Omar!

Exciting news over at QPR! 

We have recently welcomed Omar Dayao who has filled the position of our new Research and Customer Service superstar. 

Omar has worked in various roles in the finance industry over the years and is a great addition to our diverse team. He will be working to help maintain our product comparison database as well as assisting with all your day-to-day queries.  

We are thrilled to have Omar join us and look forward to his growth and contribution to Quotemonster :)  


New Zealand’s protection gap according to Sharron Botica, and other daily news

A recent report suggests New Zealanders are under-insured by hundreds of billions of dollars. Spinoff asks Sharron Botica from AIA New Zealand to explain why it’s so important to make up the shortfall.

“Customer insight work carried out by AIA has told us that people often feel protected against death, illness and other physical circumstances because they feel they can lean on whānau and community to help out. But this isn’t always realistic, and it can be a dangerous mistake that could leave that support network severely and unexpectedly cost-laden.

According to a Financial Services Council NZ report from 2020, 71% of New Zealanders are under-insured when it comes to life insurance.

….. we drastically underestimate how much financial pressure is created when a household loses half of its income.

In 2018, the retirement commissioner Diane Maxwell said the New Zealand “she’ll be right” attitude could be playing a part. That attitude has major consequences and leaves your loved ones to carry a heavy burden.

While relying on savings is a common plan in case of a significant event causing a loss of income – the proverbial “rainy day fund” – you need to have savings to use. Data from Stats NZ showed New Zealanders typically don’t have great savings, with just 0.4% of income being saved over the quarter ending March last year."

More daily news:

FSC says NZ Income Insurance Scheme needs "more time"

Southern Cross wins Organisational Change & Development award at the NZ HR Awards 2022

Jackie Waddams appointed as General Counsel for AIA New Zealand

FANZ’s 1 June webinar covers key insights, updates and best practice for insurance advisers, register here.

Goodreturns: JP Hale thinks he knows why your clients are unhappy


Southern Cross appoints new COO and more daily news

Southern Cross Healthcare has appointed Mark Stewart as Chief Operating Officer, which they say completes recent changes to the executive team. From the Southern Cross media release:

"Mr Stewart brings with him a wealth of expertise in developing innovative strategies within complex environments and leading business transformations. He joins Southern Cross from PwC, where he led the company’s engagement with national telehealth service Whakarongorau Aotearoa.

Prior to that role, Mr Stewart spent more than a decade working for NZ Post, including four years as the state-owned enterprise’s COO. There, he held operational and strategic leadership for more than 5,000 people and co-led the organisation’s transformation in supporting the growing demands of online retail.

Mr Stewart has also spent several years working in the UK and has completed a PhD in Management Science/Operations Research.

Southern Cross Healthcare CEO Chris White says Mr Stewart’s experience makes him the ideal choice for leading operational functions across the hospitals side of the business.

“Mark has a strong track record in leadership and change management within large-scale, complex environments, and these skills will be critical as Southern Cross Healthcare evolves into a more integrated healthcare system that offers consistently high-quality care,” he said.

Mr Stewart will be joining Southern Cross Healthcare from 20 June 2022.

More daily news:

Partners Life is running webinars on completing your full license application

Strategic pay has published its 2022 Directors' Fees survey

FSC released a blog item titled, “Health Insurance Myths Busted.” https://www.moneyandyou.org.nz/blog/health-insurance-myths-busted

Cardiologists are seeing an increasing number of heart problems in people catching Covid-19


FSC announces Future ready advice summit, Queenstown – and more daily news

The Financial Services Council has announced the new Future Ready advice summit in Queenstown. Come along and join us at the summit and learn about – if you do, we will see you there. More from the FSC:

“Join us at the Future Ready Advice Summit on 14 June 2022 in beautiful Queenstown at the Heritage Hotel. This Summit follows the successful online event in February this year, and gives us a much-needed opportunity to reconnect and learn, while supporting Kiwi tourism.

By attending, you will:

  • Hear directly from our regulatory partners and key decision makers
  • Get the latest advice on thriving under a financial advice provider license
  • Hear from experts and focus on the future and developing professional advice practices
  • Join our Advice Masterclass focused on future-proofing the business model of the future
  • Network with peers and hear from industry leaders
  • Speak to suppliers for practical help and support through the changes
  • Contribute towards your Code Standard 9 competence requirements 

Both streaming and in-person tickets are now available for purchase. In-person numbers are limited, so we encourage you to register quickly to avoid disappointment.

More daily news:

Partners Life announces new adviser training course 20-22 June

AIA launches new limited cover starter plans

Financial Advice New Zealand regional roadshow


Quotemonster training session - check out the new website!

We invite you to join our next training session with Kelly, our National Partnerships Lead, which takes place on Monday, 23 May 2022 10:00 AM-11:00 AM. 

In this introductory session, we will go over the basics of using the website including: 

  • How to directly compare two insurers for replacement business (Head-to-Head) 
  • How to download our detailed comparison and client friendly benefit overview or heat map report
  • How to add banks and non-adviser companies to your Research comparison 
  • How to find older policy documents

...and you’ll get a look at our new website.

All Industry members are welcome to join this session so please register your interest by emailing us on info@quotemonster.co.nz

Please feel free to contact us if you're also interested in a 14-day Research trial!

Happy Crunching!


Advicemonster just got better

Great news! We have officially launched our new website along with some major upgrades to our Advicemonster service! This builds a statement of advice from a robust question and analysis process which is one of the fastest in the market. Now it comes with a huge upgrade to the document production which enables lots more control over content and presentation.

Come join us as we highlight all these changes in a zoom training session and learn how we can help elevate the advice you give your clients! 

The session is scheduled on Wednesday, 18 May 2022 10:00 am-11:00 am and if you're interested in joining this session please feel free to email us on info@quotemonster.co.nz and we will send through further details. 

Happy Crunching!