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.

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

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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.

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Pinnacle Life explains why it sometimes deletes Facebook comments and more daily news

Pinnacle Life has a good post explaining why it sometimes deletes Facebook comments. We have probably all seen comments which fall into this category: a real problem, often with an insurer, but sometimes not even with a life insurer, let alone the insurer who runs this particular page. There is genuine hurt and heart behind the complaint, but sometimes this strays into abuse. They explain:

We don’t believe other people should be able to use our page or posts to promote themselves or their beliefs, including spreading misinformation or disinformation. If our feed is used in this way, we will hide or delete those comments.

For example, we get genuine complaints from people who have been let down or treated badly by their insurer from time to time. Our first step in these instances is to check if they are a Pinnacle customer. Of all the complainants on our Facebook page, none have turned out to be a Pinnacle customer. These folk often have valid reasons to be angry or upset. These stories upset us too.

We usually reply to these comments offering support but also pointing out that every company and policy is different. If, however, the commentator turns it into a platform for a tirade against the insurance industry, we will hide or delete those comments.

In the last 12-18 months, the type of comment we have hidden the most has been to do with covid and covid vaccines. We will hide any comment that purports the covid vaccine to be a cause of death or injury or that insurance companies won’t cover you if you have had the vaccine or any other type of misinformation. We have written several blogs about covid and the vaccine, outlining the fact that covid makes no difference to whether you are covered or not, and neither does the vaccine.

Any comments with swearing or bad language will also be deleted!

The whole post offers a good insight into what it means to manage a social media page.

 

More daily news:

Southern Cross has won the Reader's Digest most trusted health insurer survey

AIA is hiring three underwritiers

The FMA published an article on NFTs. https://www.fma.govt.nz/news-and-resources/fma-stories/spotlight-on-nfts/


Conduct and brand

Recently, working through conduct requirements, I was struck by the similarity between the guidance on conduct given by the FMA and the brand advice offered by marketing guru Seth Godin. So often, in the past, we have heard of good compliant processes referred to as best practice. To judge by many 'band-aid' compliance processes which add another form rather than renovate the whole process, the 'best practice' part is usually something of an aspiration. However, in this case, the process for good conduct and the process to achieve a great brand are very closely aligned. The FMA document is lengthy, whereas the Seth Godin post is short, so I should point out the similarity I found is present throughout the FMA document where it talks about director's obligations around product and pricing, but best shown in the three dot points listed under 'what we want to achieve' at the bottom of page four.


Cigna extends campaign, and more daily news

Cigna has announced that the Good things come in twos campaign has been extended until the end of January. Cigna has highlighted that they have received positive feedback on the campaign. New customers will be able to get two months free premiums while existing customers will get free premiums when they take out or increase their level of insurance via a financial adviser. Cigna will apply the same offer for applications submitted after 17 December. Advisers will be offered twice the servicing commission for two months for all new business. They will also be offered increases sold while the campaign is running.

“To help you and your customers get off to a great start in 2022 we’re extending our Good things come in twos campaign until 31 January.

The campaign’s had a fantastic response and we’ve had overwhelming positive feedback from you about the impact that two months of free cover has had for your new and existing customers.

We'll be backdating the offer so if you've submitted any business after 17 December please let your customers know that they may be eligible to take up the offer.

Two months free for them

We’re giving your customers free premiums when they take out or increase their level of insurance with the help of an Independent Financial Adviser.

New customers will receive two months of free cover.

Existing customers who increase their level of insurance will receive the first two months of increased cover at no additional cost.

Twice the servicing commission for you

We’re offering twice the servicing commission for two months for all new business and increases sold during the campaign period. This is a continued show of thanks for the significant additional time and effort you’ve put in to supporting your customers and to adapting to new ways of working.

In other news

From Good returns: Cold call changes insured's life

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Telehealth services predicted to be essential in 2022, and more daily news

CareHQ clinical director Dr. Reza Jarral has said that virtual services similar to CareHQ are useful in dealing with non-Covid-related GP appointments. CareHQ is a ProCare service offered in partnership with Southern Cross to help patients via online consultations seven days a week. Dr. Jarral notes that telehealth services are becoming common practice and can help offer treatment to people unable to see their regular GP in person. Dr. Jarral describes telehealth services as valuable and predicts that they will become even more essential in 2022.

 "CareHQ clinical director Dr Reza Jarral says telehealth services like CareHQ can step up to fulfil non-Covid-related appointments that might otherwise be pushed back days or even weeks.

 “The ways in which New Zealanders access healthcare have gone through significant changes since Covid-19 first reached our shores last year,” Dr Jarral says.

 “While health officials juggle existing Covid cases, more and more families are self-isolating at home in their bubbles with numbers expected to rise in the coming months."

Dr Jarral says as we learn to live with Covid in the community, there is potential for GP capacity to become stretched as the monitoring needs of housebound Covid patients grows.

 “For many New Zealanders, consulting with a GP via telehealth is no longer an unusual concept.

 “With the traditional face-to-face GP visit not always possible during lockdown periods, a phone or video call with the doctor has been the only option available to many patients.

 “Patients are also seeing the value of telehealth services outside of lockdowns.

"An online consult means they don’t have to leave the comfort of their own home if they’re feeling unwell. It also means they can access the healthcare they need in a timelier way, particularly when geography or doctors’ busy schedules pose barriers to getting seen."

If, as expected, increased pressure does land on general practices, Dr Jarral said telehealth services can step in to provide an excellent option for all New Zealanders to receive a high-quality medical assessment from an experienced GP.

“These services can also work closely with a patient’s regular GP, to deliver continuity of care while supporting grassroots primary care.

Telehealth services have already shown themselves to be a valuable tool for the health sector in 2021. These services are set to become even more essential in 2022, as the country continues to navigate the uncertainty that this pandemic brings.” Click here to read more

In other news

World Braille Day will be on 4 January

Partners Life: Chelsea Tobin presentation

Partners Life: Chelsea Tobin webinar


New Silverdale Southern Cross hospital in the works, and more daily news

Southern Cross Healthcare will begin work on a hospital in Silverdale in six months to meet growing demand. The hospital is set to be completed in 2023 and will be equipped with three operating theatres and aa ward with ten beds. It will be on the second floor of the Silverdale Medical & Surgical building. Southern Cross Healthcare interim CEO Chris White has said that it is the right time for Southern Cross to establish themselves in the Hibiscus Coast and Bays region although the site was purchased eight years ago.

Southern Cross Healthcare has announced that it will soon begin the fit-out of its wholly owned hospital in Silverdale, which will meet growing healthcare demand in Auckland’s burgeoning Hibiscus Coast and Bays area.

Fit-out work on the hospital, which will have three operating theatres and a 10-bed ward, is set to commence in six months and is expected to complete in mid-2023. The facility will also have nine recovery chairs for day surgeries. The surgical specialities will be confirmed at a later date, Southern Cross said.

The hospital is located on the second floor of the Silverdale Medical & Surgical building in Polarity Rise. Several other medical providers are already working out of the purpose-built facility, including general practice, physiotherapy, dental, radiology and a pharmacy.

The Hibiscus Coast and Bays is now one of Auckland's most populous areas, having experienced rapid population growth in recent years, with 16% growth between 2013 and 2018. However, residents must travel further afield to access private surgical care due to the scarcity of facilities.

Southern Cross Healthcare interim chief executive Chris White said the firm purchased the Silverdale site eight years ago after recognising the growing community’s need to access healthcare, especially for its ageing population and many families in the area.

“The time is now right for Southern Cross to activate our presence in the Hibiscus Coast and Bays region,” White said. “We’re pleased that we’ll be able to bring hospital services to market in a relatively short time frame because we’re going into an existing building. We look forward to supporting the local community and increasing access to quality healthcare.” Click here to read more

In other news

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Russell’s latest piece on Good returns: Old school cold calls still make a difference


The FSC announce 2022 summit, and more daily news

The FSC has announced that the Future Ready Advice Summit will be held next February in Queenstown. There will be five sessions that will be focused on changes within the industry, regulations, insights from industry personnel, the future for the industry, and the Queenstown Tourism sector. The summit is designed to help the industry reconnect as well as supporting the tourism sector. The number of attendees will be limited but the summit will be streamed online.

“2021 has been so challenging, but we are looking forward to 2022! As we head into Christmas we wanted to invite you to join us in Queenstown for the Future Ready Advice Summit 2022.

The Summit follows on from the hugely successful 2021 Get In Shape Advice Summits which ran over February and April this year.

In 2022 we are changing the format, acknowledging our collective need to reconnect together, whilst supporting our struggling tourism sector, and so the 2022 program will be held over one day in Queenstown on February 17.

This will an opportunity for us all to reconnect, learn & share whilst getting ready for what's to come in 2022 and beyond.

In person numbers will be limited, we encourage you to register soon to avoid disappointment. There's a 10% discount if you book five or more tickets (using promo code SAVE10). We will also be streaming the program to all parts of the country, and indeed the world.

Ngā mihi from the FSC Team

The Summit Program

The FSC are working with key players behind the regulatory change and peers within the advice community to deliver the program.  The content will be future focused, relevant, reliable and will best prepare you for the financial services landscape in 2022 and beyond.

You are invited to learn, share and network with your peers at this summit, built specifically for the professional advice community. 

By attending you will:

  • Hear directly from our regulatory partners and key decision makers including the FMA and others
  • Get the latest advice on thriving under a financial advice provider licence
  • Engage & hear from some of our political leaders
  • 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

Following on from the popular 2021 event which attracted over 950 attendees, scored an average speaker rating of 84% and delivered insights from leaders including Minister Clark, our 2022 edition has a stellar programme line-up not to be missed.

An Unmissable Programme

Great content drives great events and across our 2022 event series we will again showcase New Zealand’s political and regulatory leaders and explore the big issues of the day across topics of interest for our members and New Zealanders.

Featured sessions include:

 

SESSION 1: Embedding the changes in the New Zealand Advice Sector

Our update session will discuss and explore all the recent and prospective regulatory changes impacting the financial advice sector and consumers.

SESSION 2:  In conversation with our political leaders

Find out more about the key political issues facing our sector.

SESSION 3: New for 2022 - Meet the Professionals

Your choice of two sessions to get up close with some of the leading lights of the NZ financial services sector (like speed dating on a topic of your choice), including experts from business fields to help develop your financial advice practice.

SESSION 4:  Financial Advice in 2025 

How to best engage New Zealanders in their financial futures - insights & opportunities.

These fast-paced TED-style talks from our experts will provide insights to help you grow your advice business.

SESSION 5: Insights from the Queenstown Tourism sector

What can we learn & apply in our business.

Stay tuned as we reveal our outstanding line-up of speakers over the coming weeks.

Topics, speakers and timing may change.

MASTERCLASS

Masterclass 2021 – Future Proofing your Business - Business Strategy, Governance, Pricing and CVPs (Client Value propositions).

Back by popular demand is the valuable Masterclass session, an essential workshop for advisers to learn alongside peers and hear from leading lights in the advice community.

This practical workshop-style masterclass will help you to improve your business in governance, strategy and CVPs. The session will provide practical examples, tips, process templates and will reiterate what it really means to run an adviser business.

To conclude the summit we will host the Advice Summit Networking Function. A chance to have a chat, reconnect & close out the day.  Join us for drinks and nibbles, meet with your peers, network and enjoy the gorgeous views of Lake Wakatipu.” Click here to register

Russell Hutchinson will be one of the speakers in the session sharing on succession planning, adviser business valuations, and recent transactions. In addition several members of the Chatswood team will join later in the say. If you are planning to join us, we look forward to seeing you in Queenstown!

In other news

Partners Life: Ryan Pinney, Pinney Insurance webinar


Lead generation opportunity

We are running a confidential request for information process. A high volume of referrals for a life and health insurance advice business has emerged: the opportunity exists for a specialist life and health advice business to market to substantial flow of leads arising from KiwiSaver inquiries. Chatswood is running a request for information (RFI) process to assess potential adviser business partners for the opportunity to help these clients. If you would like to know more about the process please contact Melissa Waddel at Melissa.Waddel@Chatswood.co.nz to register your interest and find out more.