Financial Services Legislation Amendment Bill

RBNZ and FMA talk tough on poor conduct and culture of $2.57 billion life insurance sector, but avoid explicitly telling insurers to put an end to commission payments

RBNZ and FMA talk tough on poor conduct and culture of $2.57 billion life insurance sector, but avoid explicitly telling insurers to put an end to commission payments

RBNZ flags astronomical life insurance commissions as it indicates its conduct and culture review on the industry will be more scathing than the one it did on banks; However the sharpness of regulators' teeth remain in question

RBNZ flags astronomical life insurance commissions as it indicates its conduct and culture review on the industry will be more scathing than the one it did on banks; However the sharpness of regulators' teeth remain in question

Commerce and Consumer Affairs Minister Kris Faafoi disappointed life and health insurers spent $34m on soft commissions in two years, but won't commit to banning them

Commerce and Consumer Affairs Minister Kris Faafoi disappointed life and health insurers spent $34m on soft commissions in two years, but won't commit to banning them

Life and health insurers spend 9% of their sales revenue on soft commissions for the advisers who sell their products; FMA warns of conflicts of interest

Life and health insurers spend 9% of their sales revenue on soft commissions for the advisers who sell their products; FMA warns of conflicts of interest

Schemes that deal with complaints people make about their financial service providers urge the Government not to go too far in making them report all the misconduct they see to regulators 

Schemes that deal with complaints people make about their financial service providers urge the Government not to go too far in making them report all the misconduct they see to regulators 

Questions raised over NZ's financial services consumer dispute resolution model with the four competing schemes incentivised to sell themselves to the industry

Questions raised over NZ's financial services consumer dispute resolution model with the four competing schemes incentivised to sell themselves to the industry

Banks' attempts to be more customer-centric by changing the way they incentivise staff slammed by union for being superficial; FMA optimistic about impact of financial advice and insurance contracts law changes 

Banks' attempts to be more customer-centric by changing the way they incentivise staff slammed by union for being superficial; FMA optimistic about impact of financial advice and insurance contracts law changes 

Govt seeks feedback on what tough disclosure requirements to curb conflicted advice should look like in the absence of a ban of commissions

Govt seeks feedback on what tough disclosure requirements to curb conflicted advice should look like in the absence of a ban of commissions

FMA sounds alarm bells over commissions paid to financial advisers, but stops short of lobbying the Government to regulate these; says it first wants to try proposals before Parliament to tighten rules around conduct

FMA sounds alarm bells over commissions paid to financial advisers, but stops short of lobbying the Government to regulate these; says it first wants to try proposals before Parliament to tighten rules around conduct

FMA fast-tracks access to robo-advice at a rate slower than expected; Prioritises greater oversight at the expense of more red tape

FMA fast-tracks access to robo-advice at a rate slower than expected; Prioritises greater oversight at the expense of more red tape

Consumer credit contract providers celebrate successfully lobbying the Government to exempt them from new financial advice regulation 

Consumer credit contract providers celebrate successfully lobbying the Government to exempt them from new financial advice regulation 

Commerce and Consumer Affairs Minister ready to introduce to Parliament new legislation regulating financial advice

Commerce and Consumer Affairs Minister ready to introduce to Parliament new legislation regulating financial advice

FMA keen to see personalised robo-advice enabled in New Zealand sooner than the law would otherwise allow

FMA keen to see personalised robo-advice enabled in New Zealand sooner than the law would otherwise allow

IMF calls for FMA to immediately fill cracks in the system so 'all aspects of the insurance product life cycle' are regulated

IMF calls for FMA to immediately fill cracks in the system so 'all aspects of the insurance product life cycle' are regulated

FMA report highlights financial advice inequality and raises questions around breadth of financial advice on offer to even those who can afford it

FMA report highlights financial advice inequality and raises questions around breadth of financial advice on offer to even those who can afford it