Mary-Jane Daly has been appointed as a Director at Partners Life

The Board of Partners Life has announced that Mary-Jane (MJ) Daly has been appointed as a Director, effective 2 December 2024. Ms Daly will assume the role of Chair on 1 February 2025, after a two-month handover period from current Chair Jim Minto.

Daly is a professional Independent Director with over 10 years’ experience. She is currently Chair of both AIG Insurance New Zealand Limited and the Fonterra Shareholders' Fund as well as being an Independent Director of Kiwi Property Group Limited and Kiwibank Limited, and a member of the MBIE Risk and Advisory Committee.

Minto joined the Board in February 2017, with his tenure concluding on 31 January 2025. During his leadership he oversaw the acquisition agreement of BNZ Life Insurance in 2020. He also facilitated the transition of Partners Life to being a wholly owned subsidiary of Dai-ichi Life Group Holdings Limited in 2022 following the shareholder sale process.

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O’Hagan Homes Loans & Insurances has merged with Apex Advice

AIA awarded the Accessibility Tick for the second time

BNZ announces investment in fintech company Centrapay

Westpac publish 2024 Sustainability and Climate Reports

Australian advisers told email systems are a point of vulnerability

Impact funds leap from $1 billion to $5 billion of assets under management within a year

Centrix data shows mortgage arrears have risen for the third consecutive month and are higher than last year's levels

Legal and regulatory update for the life and health insurance sector

3 Dec 2024 - On 5 December, the RBNZ will publish new statistics from the monthly New Credit Flows Survey. The New Credit Flows Survey collects data from registered banks on new lending during the month and its associated weighted average interest rates. This means from 5 December, monthly data will be available that reflects the actual interest rates being taken by customers month-to-month on new residential mortgage loans.

3 Dec 2024 - New Zealanders made a record 1003 privacy complaints to the Office of the Privacy Commissioner last financial year. Agencies (business and organisations) also reported 864 privacy breaches. https://privacy.org.nz/publications/statements-media-releases/no-one-should-be-happy-we-received-over-1000-privacy-complaints/

4 Dec 2024 - The FMA has published its Climate-Related Disclosures insights report from the first set of entities that were required to file climate statements.  https://www.fma.govt.nz/news/all-releases/media-releases/fma-encouraged-by-first-climate-statements/

4 Dec 2024 - Australia has passed two major pieces of privacy law reform: the Australian Privacy and Other Legislation Amendment Bill 2024 and the Online Safety Amendment (Social Media Minimum Age) Bill 2024. https://www.bellgully.com/insights/privacy-update-australian-government-passes-two-major-pieces-of-privacy-law-reform/

4 Dec 2024 - The annual re-weighting of the Trade-Weighted Index (TWI) takes effect on 5 December, with the new weights released. The TWI is a weighted average of the New Zealand dollar against the currencies of New Zealand’s major trading partners. There are 17 currencies included in the TWI basket. The weights are calculated using a fully bilateral trade-weighted methodology. The weight for each currency is based on each country’s direct bilateral trade in goods and services with New Zealand, for the year ended June. https://www.rbnz.govt.nz/hub/news/2024/12/updated-weights-for-trade-weighted-index

5 Dec 2024 - APRA has released its general insurance and life insurance statistical publications for the September 2024 quarter. https://www.apra.gov.au/news-and-publications/apra-releases-quarterly-general-insurance-and-life-insurance-statistics-for

5 Dec 2024 - APRA has released a response to consultation on proposed minor amendments to the prudential framework for authorised deposit-taking institutions (ADIs), insurers and registrable superannuation entity (RSE) licensees. https://www.apra.gov.au/news-and-publications/apra-releases-response-to-consultation-on-minor-amendments-to-prudential-2

5 Dec 2024 - The Government has launched a review of New Zealand’s competition rules, looking to update the competition settings in the Commerce Act to ensure NZ's legal framework is right; and review the governance and effectiveness of the Commerce Commission to ensure NZ's regulatory and enforcement framework is right. https://www.beehive.govt.nz/release/major-review-competition-lift-productivity

6 Dec 2024 - The Retirement Commissioner Jane Wrightson says the Commission’s annual budget has remained unchanged since 2016 and the Commission will be using its financial reserves over the next four years to run the organisation. https://www.interest.co.nz/investing/131130/retirement-commissioner-jane-wrightson-says-commission%E2%80%99s-annual-budget-has

9 Dec 2024 - The Reserve Bank of New Zealand welcomes the new Financial Policy Remit. https://www.rbnz.govt.nz/hub/news/2024/12/rbnz-welcomes-new-financial-policy-remit

10 Dec 2024 - The FMA is launching a pilot “regulatory sandbox” and is asking for applications from interested parties. A regulatory sandbox is a concept which allows firms to test innovative products, services or business models.  An initial pilot phase will run from January to July 2025, with a decision on the need for a permanent FMA regulatory sandbox to be made later in the year.  https://www.fma.govt.nz/library/opinion/fma-launches-regulatory-sandbox-pilot-for-2025/

10 Dec 2024 - RBNZ's Digital Cash consultation finds cash is crucial and current payment options are not delivering what customers want. https://www.rbnz.govt.nz/hub/news/2024/12/kiwis-say-cash-and-privacy-are-crucial-in-record-digital-cash-consultation-response

10 Dec 2024 - RBNZ has published Tara-ā-Umanga Business Expectations Survey: Development update following third pilot. They plan to run a fourth pilot in January 2025.  https://www.rbnz.govt.nz/-/media/project/sites/rbnz/files/publications/bse-background-material/bes-development-update-pilot3.pdf?utm_source=Reserve+Bank+of+New+Zealand&utm_campaign=8347780dcb-Stats+Alert+Business+Survey+of+expectations&utm_medium=email&utm_term=0_-8347780dcb-597079373

11 Dec 2024 - The RBNZ has released a thematic review into how deposit takers support financial inclusion. The review provides an overview of the practices and initiatives deposit takers have introduced to support financial inclusion. https://www.rbnz.govt.nz/hub/news/2024/12/rbnz-thematic-review-identifies-opportunities-to-enhance-financial-inclusion-practices

11 Dec 2024 - Minister of Commerce and Consumer Affairs, Hon Andrew Bayly November 2024 diary released with the following potential financial services sector related meetings noted:

• 4 Nov 2024 – MEET: Financial Markets Authority (FMA Officials)

• 5 Nov 2024 – ATTEND: Launch of Australasian Open Banking eco system report (invited guests)

• 7 Nov 2024 – MEET: NZBA (Roger Beaumont, Miles Erwin)

• 7 Nov 2024 – CALL: Banking Ombudsman (Miriam Dean)

• 11 Nov 2024 – MEET: Kiwisaver Roundtable (invited guests)

• 11 Nov 2024 – MEET: CEO of Financial Services Council (Kirk Hope)

• 13 Nov 2024 – MEET: FMA (Craig Stobo and Samantha Barrass)

• 13 Nov 2024 – MEET: MBIE Officials (Suzanne Stew)

• 20 Nov 2024 – MEET: NZBA (Dan Huggins)

• 20 Nov 2024 – MEET: MBIE Officials (MBIE officials)

• 21 Nov 2024 – SPEAK: NZ & Australia Chartered Accontants Conference (conference attendees)

• 21 Nov 2024 – MEET: Commerce Commission Meeting (Commerce Commission Officials)

• 22 Nov 2024 – MEET: Securities Industry Association and FMA (Tim Kiefte, Bridget MacDonald, Craig Stobo, Samantha Barrass and SIA members)

• 27 Nov 2024 – PHONE: Retirement Commissioner (Jane Wrightson )

https://www.beehive.govt.nz/sites/default/files/2024-12/Proactive%20Diary%20Release%20Nov%2024%27%20Hon%20Andrew%20Bayly.pdf

Legal and regulatory update for the life and health insurance sector

28 Nov 2024 - Kiwibank has been fined $1.5 million after pleading guilty to 21 breaches of the Fair Trading Act, resulting in overcharges to 35,000 customers totaling $6.8 million. https://comcom.govt.nz/news-and-media/media-releases/2024/systemic-breaches-of-consumer-law-lead-to-$1.5million-fine-for-kiwibank

28 Nov 2024 - The FMA will publish its first climate-related disclosures insights report in early December. It will include findings and areas for improvement based on the reviews of climate statements prepared for reporting periods ended between 31 December 2023 – 31 March 2024. The FMA will be running webinars on Tuesday 10 and Thursday 12 December to discuss the report and answer questions.

28 Nov 2024 - Following consultation in July on proposed guidance for references to climate statements in disclosure documents, the FMA have decided to pause work on this project. https://www.fma.govt.nz/assets/Exemption/Submissions-report-CRD-PDS-proposed-guidance.pdf?utm_medium=email&utm_campaign=FMA%20UPDATE%20NOVEMBER%202024&utm_content=FMA%20UPDATE%20NOVEMBER%202024+CID_ba79ea243bfbf23eb5e123188c21af00&utm_source=FMA%20Campaign%20Monitor%20Emails&utm_term=available%20here

28 Nov 2024 - The FMA release Navigating KiwiSaver Episode 4: KiwiSaver fees. https://www.fma.govt.nz/library/podcast/navigating-kiwisaver-episode-4/

28 Nov 2024 - APRA has released its quarterly private health insurance publication for the September 2024 quarter. https://www.apra.gov.au/news-and-publications/apra-releases-quarterly-private-health-insurance-statistics-for-september-6

29 Nov 2024 - The Office of the Privacy Commissioner has confirmed that Privacy week 2025 will run from the 12-16 May 2025, with the theme "Privacy on Purpose". https://us18.campaign-archive.com/?u=5b61763783257eac3d863f400&id=e5ffb9f447

2 Dec 2024 - The FMA have released the results of its first Consumer Confidence Survey. Findings included 98% of kiwis have at least one banking product; credit card ownership is down 3% while buy-now-pay-later is up 5%; 86% of all kiwis have at least one insurance product; 85% of NZers have at least one investment product. https://www.fma.govt.nz/news/all-releases/media-releases/inaugural-consumer-confidence-survey/

Legal and regulatory update for the life and health insurance sector

12 Nov 2024 - RBNZ has issued a warning to Quest Insurance Group Limited for failures to comply with the Insurance (Prudential Supervision Act 2010 (IPSA). Quest’s non-compliance included prolonged failures to maintain its minimum non-life solvency margin, and to maintain a statutory fund for its life insurance business. https://www.rbnz.govt.nz/hub/news/2024/11/reserve-bank-issues-warning-to-quest-insurance-group-limited

12 Nov 2024 - RBNZ have updated their research agenda for the 2024-25 year. https://www.rbnz.govt.nz/research/our-research-programme

13 Nov 2024 - APRA has published the findings of its second climate risk self-assessment survey. The findings provide deeper insights into how regulated entities identify, manage and disclose the financial risks of climate change and align their practices with the Prudential Practice Guide CPG 229 Climate Change Financial Risks.   https://www.apra.gov.au/news-and-publications/apra-releases-survey-results-assessing-management-of-risks-associated-climate

13 Nov 2024 - The Contracts of Insurance Bill and the Contracts of Insurance (Repeals and Amendments) Bill were read a third time. https://www.parliament.nz/en/pb/daily-progress-in-the-house/daily-progress-for-wednesday-13-november-2024/

13 Nov 2024 - The External Reporting Board 2024 Climate and Assurance Proposals announced. The External Reporting Board approved three of the four proposals relating to amendments to climate and assurance standards:

• A one year extension to the adoption provision for scope 3 GHG emissions disclosures

• A one year extension to the adoption provision for anticipated financial impacts disclosures

• A new one year adoption provision relating to the assurance of scope 3 GHG emissions

The proposal to delay transition planning by an additional year was not adopted, on the basis of hearing strong user demand for this information.
 The amending standards will have an application date of 1 January 2024, meaning they are applicable for accounting periods that begin on or after this date.

https://www.xrb.govt.nz/news/latest-news/

14 Nov 2024 - APRA has published one new frequently asked question (FAQ), updated 19 and deleted 11 FAQs on measurement of capital for Authorised deposit-taking institution (ADI) and insurers.   https://www.apra.gov.au/news-and-publications/apra-publishes-new-and-updated-faqs-on-capital-for-adis-and-insurers

14 Nov 2024 - ASIC announced its enforcement priorities for 2025, capturing the key areas where it will direct resources and expertise in the coming year.

• Misconduct exploiting superannuation savings

• Unscrupulous property investment schemes

• Failures by insurers to deal fairly and in good faith with customers

• Strengthening investigation and prosecution of insider trading

• Business models designed to avoid consumer credit protections

• Misconduct impacting small businesses and their creditors

• Debt management and collection misconduct

• Licensee failures to have adequate cyber-security protections

• Greenwashing and misleading conduct involving ESG claims

• Member services failures in the superannuation sector

• Auditor misconduct

• Used car finance sold to vulnerable consumers by finance providers

https://asic.gov.au/about-asic/news-centre/find-a-media-release/2024-releases/24-252mr-asic-announces-new-enforcement-priorities-with-a-focus-on-cost-of-living-pressures/?altTemplate=betanewsroom

14 Nov 2024 - The FMA release latest podcast 'Navigating KiwiSaver Episode 2: KiwiSaver Funds'. https://www.fma.govt.nz/library/podcast/navigating-kiwisaver-episode-2/

15 Nov 2024 - Minister of Commerce and Consumer Affairs, Hon Andrew Bayly October 2024 diary released  with the following potential financial services sector related meetings noted:
• 2 Oct 2024 – MEET: Fintech roundtable (invited attendees)
• 14 Oct 2024 – MEET: Kiwisaver group (invited attendees)
• 22 Oct 2024 – SPEAK: Financial Services Federation Conference (conference attendees)
• 23 Oct 2024 – MEET: Commerce Commission (Commerce Commission Officials)
• 24 Oct 2024 – MEET: Banking Ombudsman (Miriam Dean, Nicola Sladden)

https://www.beehive.govt.nz/sites/default/files/2024-11/Proactive%20Diary%20Release%20Oct%2024%27%20Hon%20Andrew%20Bayly.pdf

15 Nov 2024 - The FMA publish an updated calendar of events. https://www.fma.govt.nz/library/events/calendar-of-events/

Chubb launches underwriting chat service

Chubb has launched a new chat function on their adviser hub site that allows advisers to ask the underwriting team questions. Once the conversation is completed a chat transcript is able to be downloaded, for advisers to submit with the application or save to their customer files. You can find out more on their quick guide and their explainer video.

More news:

AIA NZ appoints Aaron Gilmore to the role of Regional Sales Manager – Northern

Asteron Life release their climate-related disclosures

AIA have updated their Change of Ownership forms

Hamish Patel  has been elected to the board of Financial Advice NZ

FinTech NZ Hui Taumata is on 11 March 2025 in Auckland

mySolutions webinar 'Managing compliance using Sharepoint' 6 November

More than 7,500 people made early KiwiSaver withdrawals during September

Legal and regulatory update for the life and health insurance sector

15 oct 2024 - The FMA has published the speech by FMA Chief Executive Samantha Barrass at the Institute of Financial Professionals New Zealand Conference 2024. https://www.fma.govt.nz/library/speeches-and-presentations/speech-by-samantha-barrass-at-infinz-20242024/

16 Oct 2024 - RBNZ publish Assistant Governor Karen Silk's speech 'Transmission of monetary policy to financial conditions' from the Citi Australia and New Zealand Investment Conference. https://www.rbnz.govt.nz/hub/news/2024/10/transmission-of-monetary-policy-to-financial-conditions

16 Oct 2024 - Minister of Commerce and Consumer Affairs, Hon Andrew Bayly August 2024 diary released  with the following potential financial services sector related meetings noted:

• 4 Sep 2024 – ATTEND: Financial Education Roundtable (invitees)

• 4 Sep 2024 – SPEAK: Financial Services Council Annual Conference Gala Dinner (conference delegates)

• 11 Sep 2024 – MEET: NZBA (Roger Beaumont)

• 13 Sep 2024 – MEET: BNZ CEO (Dan Huggins)

• 16 Sep 2024 – ATTEND: NZ Banking Association Council Meeting (Council Members)

• 23 Sep 2024 – ATTEND: Westpac Einvoicing customer event (Invited guests)

• 23 Sep 2024 – CALL: FMA CEO (Samantha Barrass)

• 23 Sep 2024 – ATTEND: Financial Service Federation Dinner (Invited guests)

• 24 Sep 2024 – MEET: Privacy Commissioner (Michael Webster)

• 24 Sep 2024 – ZOOM: XRB (Michelle Embling, and April Mackenzie)

• 25 Sep 2024 – MEET: Banking Ombudsman (Nicola Sladden)

• 26 Sep 2024 – MEET: Commerce Commission (Commerce Commission Officials)

• 26 Sep 2024 – MEET: NZBA (Roger Beaumont and Miles Erwin)

• 27 Sep 2024 – CALL: Westpac CEO (Catherine McGrath)

• 30 Sep 2024 – ZOOM: Commerce Commission (Commerce Commission Officials)

https://www.beehive.govt.nz/sites/default/files/2024-10/Proactive%20Diary%20Release%20Sept%2024%27%20Hon%20Andrew%20Bayly.pdf

16 Oct 2024 - RBNZ publish a Bulletin which provides an overview of bank funding and mortgage rate pricing developments in recent years. https://www.rbnz.govt.nz/hub/news/2024/10/monetary-policy-pass-through-to-bank-funding-costs-and-mortgage-rates

16 Oct 2024 - The Budapest Convention and Related Matters Legislation Amendment Bill had its first reading and was referred to Select Committee. https://bills.parliament.nz/v/6/f2d3b46e-56c2-41cd-0edd-08dcdb5e62cc?Tab=history

16 Oct 2024 - The FMA has published guidance which explains their interpretation of the law, to promote consistent market practices and ensure the requirements of section 212 (Initial steps in winding up of registered scheme) and section 213 (Winding-up report) of the Financial Markets Conduct Act 2013 (FMC Act) are met.  https://www.fma.govt.nz/library/guidance-library/winding-up-requirements-for-registered-schemes/

16 Oct 2024 - The Australian Prudential Regulation Authority (APRA) has published its Annual Report for the 2023-24 financial year. https://www.apra.gov.au/news-and-publications/apra-publishes-2023-24-annual-report

16 Oct 2024 - The committee stage of the Pae Ora (Healthy Futures) (Improving Mental Health Outcomes) Amendment Bill was completed.  https://www.parliament.nz/en/pb/daily-progress-in-the-house/daily-progress-for-wednesday-16-october-2024/

16 Oct 2024 - The office of the Privacy Commissioner has published 'Handling privacy complaints: a step-by-step guide'. https://privacy.org.nz/publications/guidance-resources/handling-privacy-complaints-a-step-by-step-guide/

17 Oct 2024 - The RBNZ has released its first voluntary Climate-related Disclosure - Ngā Whakapuaki e Pā ana ki te Āhuarangi for FY2023/24, outlining their progress in understanding, monitoring, and managing climate-related risks. https://www.rbnz.govt.nz/hub/publications/reports/2024/climate-related-disclosure/data/climate-related-disclosure-2023-24

17 Oct 2024 - ASIC announce appointments to the ASIC Executive Leadership team: Peter Soros as Executive Director Regulation and Supervision; Chris Savundra to the role of Executive Director Enforcement and Compliance. https://asic.gov.au/about-asic/news-centre/find-a-media-release/2024-releases/24-226mr-appointments-to-the-asic-executive-leadership-team/?altTemplate=betanewsroom

17 Oct 2024 - The Contracts of Insurance Bill was read a second time. https://bills.parliament.nz/v/6/019dad64-3f9e-46b8-5cd9-08dc67f794e8?Tab=history

18 Oct 2024 - The Ministry of Business, Innovation and Employment (MBIE) has confirmed that Dr Derek Johnston has been reappointed for a second term as a Commissioner at the Commerce Commission. https://www.mbie.govt.nz/about/news/dr-derek-johnston-reappointed-to-the-commerce-commission

18 Oct 2024 - The Reserve Bank of New Zealand’s November Financial Stability Report (FSR) for 2024 has been moved to 5 November. https://www.rbnz.govt.nz/hub/news/2024/10/financial-stability-report-moved-to-5-november

Legal and regulatory update for the life and health insurance sector

6 Oct 2024 - FMA sent a letter to licensed fund managers acknowledging the regulator had received feedback that the liquidity guide, as updated this April, is “preventing or disincentivising investment in private assets” and has been engaging with fund managers on the issue. https://investmentnews.co.nz/investment-news/fma-chief-hoses-down-fund-liquidity-guide-concerns-for-private-assets-cofi-entities-get-licensing-hurry-up/

7 Oct 2024 - The External Reporting Board today announced the appointment of Wendy Venter as its incoming Chief Executive, commencing 15 January 2025. Ms Venter will replace April Mackenzie, who announced in August her intention to step down at the end of a five-year term.  https://www.xrb.govt.nz/news/latest-news/

7 Oct 2024 - AA Insurance New Zealand Limited (AAI) has been ordered to pay a penalty of $6.175 million for failing to apply multi-policy and membership discounts, as well as guaranteed no claims bonuses. AAI also misled customers about its multi policy discount offer in marketing material and misrepresented that certain eligible customers would receive its guaranteed no claims bonus for life. The High Court judgment follows proceedings brought by the FMA. https://www.fma.govt.nz/news/all-releases/media-releases/aa-insurance-to-pay-6-175-million-penalty/

7 Oct 2024 - The Reserve Bank of New Zealand is consulting on a revised access policy, as part of its ongoing review of the Exchange Settlement Account System (ESAS), a payments and settlement system used by banks. https://www.rbnz.govt.nz/hub/news/2024/10/esas-access-review-is-open-for-second-consultation

8 oct 2024 - The Reserve Bank of New Zealand has published its Annual Report covering the year from 1 July 2023 to 30 June 2024. https://www.rbnz.govt.nz/hub/news/2024/10/rbnz-releases-annual-report-2024

8 Oct 2024 - The XRB has published a consultation document on proposed 2024 amendments to Climate and Assurance Standards. The XRB is proposing providing relief by amending:

• NZ CS 2 Adoption of Aotearoa New Zealand Climate Standards

• NZ SAE 1 Assurance Engagements over Greenhouse Gas Emissions Disclosures. Consultation closes 30 October 2024.

https://www.xrb.govt.nz/consultations/consultation/proposed-2024-amendments-to-climate-and-assurance-standards/

8 Oct 2024 - The FMA has filed civil proceedings against ASB Bank Limited for allegedly making false or misleading representations in relation to insurance products and banking services.

The FMA’s proceedings have two causes of action. The first relates to the failure to apply multi policy discounts on ASB-branded insurance products. The FMA alleges that the misapplication of the multi policy discount arose through errors in the manual process undertaken by ASB staff at the point of sale for insurance products. A sub-issue involved ASB staff misinforming customers with policies of insurance for caravans and trailers that they were eligible for the multi policy discount, despite those policies being ineligible.

The second cause of action is in respect of ASB’s failure to consistently apply fee exemptions to certain customer accounts with access to ASB’s Fastnet Banking service, specifically: Society Cheque, Education Administration, and Business Focus accounts. As with the multi policy discount issue, the FMA alleges the failures arose through errors in the manual process undertaken by ASB staff. ASB did not have adequate systems in place to check that the fee exemptions were being applied correctly.

https://www.fma.govt.nz/news/all-releases/media-releases/fma-files-proceedings-against-asb-for-alleged-fair-dealing-breaches/

Legal and regulatory update for the life and health insurance sector

24 Sep 2024 - The External Reporting Board (XRB) has announced that within the month they will publish a consultation document exploring options for transitional adjustments to the Aotearoa New Zealand Climate Standards.  https://www.xrb.govt.nz/news/latest-news/

24 Sep 2024 - The Financial Markets Authority have published their KiwiSaver Annual Report 2024. https://www.fma.govt.nz/library/reports-and-papers/kiwisaver-report/

26 Sep 2024 - The RBNZ have published their submission to Parliament’s Finance and Expenditure Committee Inquiry into Banking Competition, which outlines the RBNZ’s financial stability mandate, and highlights areas where they can support competition in the banking sector. https://www.rbnz.govt.nz/hub/news/2024/09/rbnz-releases-banking-competition-select-committee-submission

Winners at the 2024 FSC Awards announced

Congratulations to all the winners, finalists and nominees at the 2024 Financial Services Council (FSC) Awards. We’re lucky to work in an industry with so many dedicated, innovative people who have a passion for what they do; the awards recognise some of the best and brightest among us.

FSC Acting CEO Haydee Stroud said

“…it was a privilege to be able to see such a diverse range and high calibre of merit. Entrants contributions to the financial services sector and to the wider New Zealand community have all played a part in growing the financial confidence and wellbeing of all New Zealanders.”

• Contribution to Community Award – Toi Ora - nib and Ngāti Whātua Ōrākei

• Emerging Trailblazer Award – Leigh Bennett, Fidelity Life

• Excellence in Governance Award – The Compliance Company

• Workplace Savings Award – Bruce Kerr, Professional Trustee

• Excellence in Sustainability Practices Award – AIA New Zealand

• Excellence in Wellbeing & Inclusion Award – Southern Cross Health Insurance

• Team of the Year Award – Operations Team, Sharesies

• Chair’s Award for Services to the Industry – Ana-Marie Lockyer: Chief Executive Officer, Pie Funds

More news:

Steve Wright questions why we index life insurance but not health insurance

Financial Services Federation welcome CCCFA reforms

FAMNZ to launch the Adviser Elevate series on 2 October

The FMA plans to review the mortgage advice sector

Report estimates additional value advisers add

ANZ wins Brand of the Year, Excellence in Marketing Communication Strategy and Excellence in Sponsorship Strategy at the New Zealand Marketing Awards

ASB wins Excellence in Social Purpose Driven Marketing Strategy at the New Zealand Marketing Awards

ASB sponsor the Climate Change & Business Conference 2024

Kiwis living in the most deprived areas are 60% more at risk of developing dementia than those in the least deprived areas

Legal and regulatory update for the life and health insurance sector

29 Aug 2024 - MBIE are seeking feedback on how the Customer and Product Data Bill will apply to the banking and electricity sectors. Consultation on their discussion paper 'open banking regulations and standards under the customer and product data bill' is due by 10 October 2024. https://www.mbie.govt.nz/have-your-say/exploring-a-consumer-data-right-for-the-banking-sector

30 Aug 2024 - The Council of Financial Regulators (CoFR) release their Quarterly Statement for August 2024. https://www.cofr.govt.nz/news-and-publications/quarterly-statement-by-cofr-august-2024.html

3 Sep 2024 - The Financial Markets Authority has filed criminal charges against a former financial adviser. The defendant, who has interim name suppression, has pleaded not guilty to two representative charges of theft by a person in a special relationship. The FMA alleges that the defendant procured approximately $1.7 million from two sets of clients on the basis that he would invest the funds procured on their behalf. It is alleged the defendant instead used the funds obtained for personal purposes. The alleged offending occurred between 2016 and 2022.  https://www.fma.govt.nz/news/all-releases/media-releases/fma-files-criminal-charges-against-former-financial-adviser/

4 Sep 2024 - The FMA publish Samantha Barrass' speech from the Financial Services Council 2024 Conference. https://www.fma.govt.nz/library/speeches-and-presentations/financial-services-council-conference-2024/

4 Sep 2024 - The Financial Markets Authority has cancelled Integrity Advisers Insurance Limited’s (Integrity) Financial Advice Provider (FAP) licence for engaging in serious misconduct.
Integrity is a Christchurch-based financial service provider that held a full FAP licence, providing financial advice to approximately 500 retail customer.
Following an investigation, the FMA found that Integrity breached its market services licensee obligations by failing to:
• give priority to client’s interests
• comply with the Code of Professional Conduct for Financial Advice Services
• treat customers fairly
• act with integrity. 
The breaches relate to Integrity’s treatment of clients who wanted to cancel their respective insurance policy between September 2022 and June 2023 (affected clients).  

https://www.fma.govt.nz/news/all-releases/media-releases/fma-cancels-integrity-licence/

5 Sep 2024 - Concerns about inconsistent application and insufficient disclosures of climate-related matters in financial statements has led the International Accounting Standards Board (IASB), in collaboration with the International Sustainability Standards Board (ISSB), to develop an Exposure Draft outlining eight illustrative examples.  https://www.xrb.govt.nz/consultations/accounting-standards-open-for-consultation/reporting-climate-related-and-other-uncertainties-in-financial-statements/

5 Sep 2024 - The Reserve Bank of New Zealand publish Christian Hawkesby's speech at the FSC24 Conference. https://www.rbnz.govt.nz/hub/publications/speech/2024/resilience-as-a-pathway-to-prosperity