Chatswood serves the life and health insurance sector in New Zealand with market intelligence, data, and bespoke consulting services. Some of these are provided in conjunction with Quality Product Research Limited - a subsidiary that brings you Quotemonster.
We believe that good decisions are more likely to occur when we have good information about the market environment in which we operate. Intuitive leaps and creative decisions are always required, of course, but the more they are based on a firm foundation of observation, the better they tend to be.
Legal and regulatory update for the life and health insurance sector
New guides to help people understand Climate-related Disclosures; APRA release new digital prudential framework; FMA publish auditor regulation and oversight plan; reappointment of RBNZ Chair; feedback sought on Financial Advice Code; FMA spotlight KiwiSaver fund types; Minister of Commerce & Consumer Affairs May diary released.
19 Jun 2024 - The Financial Markets Authority and the External Reporting Board have jointly produced a set of guides designed to help people understand the Climate-related Disclosures (CRD) regime and the information being provided in climate statements which are now starting to be published by climate reporting entities. https://financialmarketsauthority.cmail20.com/t/r-l-tdgjjx-btuitpxk-y/
19 Jun 2024 - The Australian Prudential Regulation Authority (APRA) has announced the release of the new digital prudential framework in the form of the "Prudential Handbook". The Handbook brings all APRA's prudential standards, guidance and supporting information into one place; presents them in a digital format that can be easily navigated and searched; and caters to a range of different users across regulated industries and in the broader community. https://www.apra.gov.au/news-and-publications/apra-releases-new-digital-prudential-handbook
20 Jun 2024 - The Financial Markets Authority has published its Auditor Regulation and Oversight Plan 2024-2027. The plan sets out how the FMA aims to improve the audit quality of Financial Markets Conduct reporting entities. https://www.fma.govt.nz/news/all-releases/media-releases/fma-publishes-auditor-regulation-and-oversight-plan-2024-2027/
20 Jun 2024 - Professor Neil Quigley has been reappointed as Chair of the Reserve Bank of New Zealand Board for a further term of two years, until 30 June 2026. https://www.beehive.govt.nz/release/reserve-bank-chair-reappointed
21 Jun 2024 - The Financial Advice Code Committee is seeking feedback on proposed amendments to the standards of competence, knowledge, and skill in the Financial Advice Code. https://financialadvicecode.govt.nz/2024/06/21/update-21-june-2024-consultation-on-financial-advice-competence-knowledge-and-skill/
24 Jun 2024 - The FMA's new ‘Spotlight’ series looks at the different kinds of KiwiSaver funds and explores how they work. https://www.fma.govt.nz/library/articles/spotlight-on-conservative-funds/
24 Jun 2024 - Minister of Commerce and Consumer Affairs, Hon Andrew Bayly May 2024 diary released with the following potential financial services sector related meeting noted:
2 May 2024 – MEET: FMA (FMA officials)
7 May 2024 – MEET: Commerce Commission Board
10 May 2024 – MEET: Institute of Financial Professionals NZ (Board members)
10 May 2024 –MEET: Kiwisaver Stakeholders Roundtable Lunch
16 May 2024 – ATTEND: Institute of Finance Professionals NZ Awards Dinner
17 May 2024 -CALL: Retirement Commissioner (Jane Wrightson)
22 May 2024 – MEET: External Reporting Board (Alex Burton, Michele Embling)
23 May 2024 – MEET: Commerce Commission (Commerce Commission Officials)
Legal and regulatory update for the life and health insurance sector
APRA releases prudential practice guide; FMA publishes info for smaller firms on fair conduct programmes and applying for CoFI licence; RBNZ release updated design proposals for their business expectations survey; XRB launch Standards Navigator.
13 Jun 2024 - The Australian Prudential Regulation Authority (APRA) has released its finalised prudential practice guide to help banks, insurers and superannuation trustees strengthen their management of operational risk and improve business continuity planning. https://www.apra.gov.au/news-and-publications/apra-finalises-cross-industry-guidance-on-operational-resilience
14 Jun 2024 - The Financial Markets Authority has published an information sheet specifically for smaller firms to assist in establishing and maintaining a Fair Conduct Programme (FCP) and applying for a Financial Institution (CoFI) licence. https://www.fma.govt.nz/news/all-releases/media-releases/fma-provides-additional-support-to-smaller-firms-for-cofi-licensing/
17 Jun 2024 - The Reserve Bank of New Zealand has released Tara-ā-Umanga Business Expectations Survey: Design proposals following consultation and pilot, which outlines lessons learnt and resulting design proposals for their new Business Expectations Survey, BES, Tara-ā-Umanga. Changes include making the survey shorter and quicker for businesses to fill in; questions will focus on inflation expectations, wages, and unemployment; they will survey businesses in the primary industry; and they will not include very small businesses (those with fewer than 6 employees). https://www.rbnz.govt.nz/statistics/surveys/expectations-survey-information-for-survey-participants/business-expectations-survey-design-and-development
18 Jun 2024 - The External Reporting Board has launched the XRB Standards Navigator, which takes static PDF versions of XRB standards and presents them in a more accessible, dynamic and user- friendly format. https://standards.xrb.govt.nz/standards-navigator/
Legal and regulatory update for the life and health insurance sector
Office of the Privacy Commissioner asks for submissions on guidance; RBNZ activates DTI restrictions; FMA holds webinars on how to apply for a COFI licence and how to submit FAP regulatory returns; FMA publish findings from monitoring FAPs; The Accident Compensation (Interest on Instalment Plans) Amendment Bill was introduced to Parliament; APRA emphasise importance of data backups; CEO of the External Reporting Board resigns; COFR release latest Quarterly Statement; RBNZ releases dates for Monetary Policy Statement publication; Commerce Commission files criminal charges against Kiwibank
22 May 2024 - The Office of the Privacy Commissioner asks for submissions on new guidance, Poupou Matatapu – doing privacy well. https://privacy.org.nz/news/consultations/poupou-matatapu/
28 May 2024 - The Reserve Bank of New Zealand - has confirmed the activation of Debt-to-Income (DTI) restrictions and loosening of Loan-to-Value Ratio (LVR) restrictions. https://www.rbnz.govt.nz/hub/news/2024/05/reserve-bank-activates-debt-to-income-restrictions
30 May 2024 - The Financial Markets Authority is holding a webinar on how to apply for a CoFI licence at 11am on 5 June. To attend, email cofi@fma.govt.nz
30 May 2024 - The Financial Markets Authority publish findings from the FMA’s supervision activities and monitoring of Class 1 and 2 licensed financial advice providers. https://www.fma.govt.nz/news/all-releases/media-releases/fap-monitoring-insights-report/
30 May 2024 - The Financial Markets Authority is holding a series of online sessions to help Financial Advice Providers submit their FAP regulatory returns.
Session 1 - Friday 14 June 2024 at 9am
Session 2 - Monday 24 June at 2pm
Session 3 - Monday 08 July at 10am
Session 4 - Tuesday 16 July at 10am
30 May 2024 - The Accident Compensation (Interest on Instalment Plans) Amendment Bill was introduced to Parliament https://bills.parliament.nz/v/6/00103c69-0b28-4ad1-a702-08dc80370942?Tab=history
3 Jun 2024 - The Australian Prudential Regulation Authority (APRA) has written to all APRA-regulated entities emphasising the critical role of data backups in cyber resilience. The letter details the common issues observed in backup practices that could hinder system restoration during an incident. APRA expects regulated entities to review their backup arrangements and address any identified gaps promptly. https://www.apra.gov.au/news-and-publications/apra-clarifies-expectations-on-cyber-security-and-adequacy-of-backups
4 Jun 2024 - The Chief Executive of the External Reporting Board (XRB), April Mackenzie, has resigned. https://www.xrb.govt.nz/news/latest-news/
7 Jun 2024 - The Council of Financial Regulators release their Quarterly Statement for June 2024. Kris Faafoi joined the meeting to discuss the insurance sector’s priorities, risks, and challenges. The conversation covered three priority areas: 1) insurance affordability; 2) resilience; and 3) the regulatory environment. https://www.cofr.govt.nz/news-and-publications/quarterly-statement-by-cofr-june-2024.html
11 Jun 2024 - The Reserve Bank of New Zealand has released the dates for publication of its quarterly Monetary Policy Statement, Monetary Policy Review decisions and the 6-monthly Financial Stability Report. The new dates cover the period from August 2025 to July 2026. https://www.rbnz.govt.nz/hub/news/2024/06/monetary-policy-announcement-and-financial-stability-report-dates-for-late-2025-and-2026
11 Jun 2024 - The Commerce Commission has filed criminal charges against Kiwibank Limited (Kiwibank), alleging systemic breaches of the Fair Trading Act. The breaches relate to issues that resulted in more than $7 million being incorrectly charged to over 36,000 customers for fees and interest rates in relation to home loans, credit cards and overdrafts, over a period of several years. https://comcom.govt.nz/news-and-media/media-releases/2024/kiwibank-faces-criminal-charges-following-issues-that-caused-over-$7m-in-overcharges
Legal and regulatory update for the life and health insurance sector
13 Dec 2023 - The Reserve Bank of New Zealand acknowledges the amended Remit for the Monetary Policy Committee (MPC) issued by the Minister of Finance. The MPC Remit sets the operational objectives for monetary policy. The amended Remit retains an inflation target of 1% to 3% over the medium-term, with a focus on the 2% mid-point, and removes the objective to support maximum sustainable employment. https://www.rbnz.govt.nz/hub/news/2023/12/monetary-policy-remit-amended
14 Dec 2023 - The Reserve Bank of New Zealand has issued a formal warning to Citibank N.A. New Zealand Branch (Citibank NZ) relating to the wire transfer identity requirements under the Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) Act 2009. https://www.rbnz.govt.nz/hub/news/2023/12/citibank-nz-issued-formal-warning-under-aml-cft-act
14 Dec 2023 - FMA offices are closed from midday, Friday 22 December, and will reopen 8.30am, Monday 8 January 2024 https://www.fma.govt.nz/contact/christmas-2023-holiday-hours/
14 Dec 2023 - The FMA has censured Go Financial Solutions Limited for failing to comply with several obligations under its financial advice provider (FAP) licence. Go Financial Solutions is a Christchurch-based FAP that provides advice on health, life and business insurance and mortgage lending. During a monitoring review earlier this year, the FMA found that Go Financial Solutions:
Had inadequate record keeping in relation to advice given to its clients
Failed to gather sufficient information about a client’s circumstances and was unable to demonstrate that recommendations made to clients were suitable
Failed to ensure its clients understood the financial advice they received
Failed to exercise care, diligence and skill when providing financial advice to its clients.
https://www.fma.govt.nz/news/all-releases/media-releases/fma-censures-go-financial-solutions/
14 Dec 2023 - The Australian Prudential Regulation Authority (APRA) has released the bi-annual life insurance institution-level statistics publication. https://www.apra.gov.au/news-and-publications/apra-releases-life-insurance-institution-level-statistics-0
14 Dec 2023 - APRA and ASIC have released an update to life insurers and friendly societies (life companies) on premium increases in the life insurance industry. https://www.apra.gov.au/news-and-publications/apra-and-asic-release-an-update-on-premium-increases-life-insurance-industry
15 Dec 2023 - Michele Embling, Chair of the External Reporting Board (XRB), has announced that the Climate-related Disclosures standards have now been published. https://www.xrb.govt.nz/news/latest-news/
15 Dec 2023 - ASIC today published its annual dashboard of regulatory costs for 2022-23 by activity for each sector and subsector under the industry funding model (IFM). https://asic.gov.au/about-asic/news-centre/news-items/asic-industry-funding-release-of-2022-23-annual-dashboard-and-summary-of-variances/
15 Dec 2023 - The Council of Financial Regulators has released an updated Regulatory Initiatives Calendar for the financial sector for Q4 2023. https://www.cofr.govt.nz/files/regulatory-initiatives-calendar/regulatory-initiatives-calendar-q4-2023.pdf
19 Dec 2023 - The Government is introducing and progressing under urgency a Bill to repeal the Taxation Principles Reporting Act 2023 https://www.beehive.govt.nz/release/government-introduces-taxation-principles-reporting-act-repeal-bill
19 Dec 2023 - Health Minister Dr Shane Reti is appointing a Crown observer to Health New Zealand – Te Whatu Ora https://www.beehive.govt.nz/release/crown-observer-be-appointed-health-new-zealand
19 Dec 2023 - The Climate Governance Initiative summarises the key pieces of information relevant to board directors from the UAE Consensus that was agreed in Dubai at the COP28 climate conference, to help directors understand the implications on business strategy and investment decisions. https://www.chapterzero.nz/news/cop28-key-outcomes-for-board-directors/
19 Dec 2023 - The Taxation Principles Reporting Act Repeal Bill had its First Reading https://bills.parliament.nz/v/6/9faa9e21-c7a9-4433-7e32-08dc003a05e3?Tab=history
FSC release Climate Scenario Narratives and Guidance for the Financial Sector
The Financial Services Council NZ (FSC) have released the Climate Scenario Narratives and Guidance for the Financial Sector report, developed in conjunction with EY. The report is designed to support the sector in the reporting of climate-related risks and opportunities under the framework developed by the External Reporting Board (XRB). The report can be downloaded from the members area of the FSC website.
The FSC has also announced they are putting together a monthly Climate Related Disclosures Focus Group, open to all FSC members. The focus groups will be an opportunity to continue discussions on Climate Related Scenario and the Climate Related Disclosures Regime and to share learnings and insights with a flexible informal agenda.
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CERT NZ reports 66% increase in direct financial loss from cybercrime compared to Q4 2022
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Tony Vidler talks about areas of professional development
FinTech for FinTechs Mini Hui will be held on 9 August in Auckland
Dame Karen Poutasi has been appointed as the new Board Chair for Te Whatu Ora