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22 July 2021 – FMA released a report on Insurance conduct and culture: Fire and general insurers update. https://www.fma.govt.nz/news-and-resources/reports-and-papers/fire-and-general-insurers-update/
22 July 2021 – The latest FMA update included information on a report released in June titled “Filing of financial statements: review findings and guidance. https://www.fma.govt.nz/assets/Reports/Filing-of-financial-statements-review-findings-and-guidance.pdf
22 July 2021 – The FMA update also included advice that:
- The FMA will be consulting in the third quarter of 2021 on proposals for exemptions to provide relief for insolvent FMC reporting entities that are in liquidation, receivership or administration from certain financial reporting requirements under the FMC Act to determine whether a class exemption is required.
- AML/CFT reports for the period 1 July to 2020 to 30 June 2021 are due by 31 August 2021. AML/CFT supervisors have released updated guidance designed to help reporting entities complete their annual AML/CFT report.
- Updated the AML/CFT content on the FMA website to include information for Financial Advice Providers and Authorised Bodies.
- A reminder of the new AML/CFT regulations that came into effect on 9 July 2021 and the availability of guidance on the new regulations available on the FMA website.
22 July 2021 – RBNZ announced a consultation on an interim Solvency Standard for insurers, which will determine the minimum amounts of capital that insurers must hold, with submissions closing 1 October 2021. https://www.rbnz.govt.nz/news/2021/07/reserve-bank-consults-on-interim-insurance-solvency-standard
22 July 2021 – APRA released its Private Health Insurance Annual Coverage Survey for 2020. https://www.apra.gov.au/news-and-publications/apra-releases-its-private-health-insurance-annual-coverage-survey-0
22 July 2021 - Retirement Commission released its latest survey into the financial capability of New Zealanders. https://retirement.govt.nz/news/latest-news/latest-financial-capability-study-proves-knowledge-is-power-with-positive-findings-for-maori/
22 July 2021 – In an article titled “England’s NHS data-sharing to third parties”, the Privacy Commission uses this to highlight the privacy issues relating to patient data that may need to be considered with the consolidation of New Zealand’s district health boards into a single agency called Health New Zealand. https://privacy.org.nz/blog/englands-nhs-data-sharing-to-third-parties/
Probably the two most interesting items here are the conduct report on general insurers and the Privacy Commission's interest in medical data sharing. So many of the options for modernising the sector rest on medical data sharing and banking data sharing that these are likely to be areas under continually increasing scrutiny.
That would be ridiculous wouldn't it - if only 17% of people went to the doctor when sick. Imagine, most people thinking that going to a doctor was unnecessary. It would be like thinking that a doctor couldn't really know that much more about how to be healthy, or at least recover from sickness, than you do, so why pay all that money?
Yet that is what people think about financial advice. It is one of the of the surprising conclusions of this paper from the United States on why people do not seek financial advice. Link.
Perhaps you are about to dismiss that as the product of those foolish Americans, known for strange ideas - but the Commission for Financial Capability research shows similar levels of apathy for financial affairs here. Different survey aims and objectives, but very similar results from their survey at this link (especially refer to table three).
There is no greater enemy to financial well-being than apathy. What we focus on, we can usually find a way to improve. The big debates within the sector tend to be about how to improve. That's valuable and so much earnest energy is expended there. I am part of it and I value the struggle and enjoy it. But I have to keep reminding myself, the really big debate, the one that would make all the difference, is how to get people paying some attention.
21 July 2021 – Council of Financial Regulators announced the launch of its new website. https://www.cofr.govt.nz/
21 July 2021 – IRD announced that the Government has released its updated tax policy work programme for 2021–22. https://taxpolicy.ird.govt.nz/work-programme
13 July 2021 – Parliament’s Finance and Expenditure Committee announced it will be opening an inquiry into the current and future nature, impact, and risks of cryptocurrencies. https://www.facebook.com/FESCNZ/posts/942985546484119
19 July 2021 – FMA released its Annual Corporate Plan 2021-22. https://www.fma.govt.nz/about-us/corporate-publications/annual-corporate-plan/
In the last item there is a relatively brief mention of the insurance sector priorities, which are:
Our areas of focus in the Banking & Insurance sector are:
Preparation for the CoFI and updated insurance contract law regimes including:
• providing policy input as part of the legislative process
• engaging with industry participants and other stakeholders to build our understanding of the banking and insurance sectors
• developing a licensing approach for CoFI
• developing a monitoring and enforcement approach for when the regimes are in force.
Financial Advice NZ has announced this year’s conference. Details on the conference are below.
Date: 16 November 2021
- Mykel Dixon
- Dr Angus Hervey, Future Crunch
- Matt Whineray
Date: 17 November 2021
- Matt Church
- Siouxsie Wiles
Date: 17 November 2021
- Speaker: John Spence, global business expert and executive coach (via Zoom)
Topic: Delivering Consistently Superior Customer Service
- Speaker: Michael Henderson, Business Culture Subject Matter Expert
Topic: Ferocious Creating a High-Performance Company Culture
- Speaker: Michael Kitces, financial planning educator (via Zoom)
Topic: Applying Behavioural Finance in Principle
- Speaker: Paul Spoonley, demographer, former Pro Vice-Chancellor of the College of Humanities and Social Sciences at Massey University
Topic: Demographic change and the impact on the face of New Zealand
Date: 16 November 2021
- Sam Johnson
- Ben Teusse
- Simon White
- Steven Korner
Venue: TSB Arena & Shed 6, 4 Queens Wharf, Wellington Central, Wellington
Dates: 15 November 2021, 16 November 2021, and 17 November 2021,
2 Day Registration
Super Early Bird (prior to 31 July)
Early Bird (prior to 14 October)
1 Day Registration
Members / Non-Members / Students
Online (2 days, Keynote Speakers Only)
Non - Members
All costs exclude GST.
Venue: TSB Arena & Shed 6, 4 Queens Wharf, Wellington Central, Wellington
Date: 15 November 2021
Price: $80 + GST (MasterClass only)
Time: 2:30pm – 5:30pm followed by dinner at Portifino Restaurant at 6:30pm (dinner is an additional $60)
In other news
Financial Advice: AGM will be held 15 November 2021
The recipients of the AIA Vitality Business and Community Grant, Mike Taylor and Ryan Edwards have created Tools Down to raise awareness of the mental health problems faced and the suicide rates of New Zealand tradies. Tools Down is described as an introductory source that connects those struggling with specialist organisations across the country. Taylor has said that Tools Down hopes that by educating people about the help and support available they can encourage people to take control of their wellbeing.
“Tools Down was started by Mike Taylor and Ryan Edwards, thanks to a $50,000 AIA Vitality Business and Community Grant, to shed a light on the topic rarely spoken about in the industry.
Ryan Edwards is managing director at The Adviser Platform and a Tools Down co-founder and has seen many tradies struggling with their mental health, and has worked with some of them to help alleviate financial and work pressures.
“The last decade has seen more than 300 tradies take their own lives," Edwards says.
"Not only is this a devastating number but it has a knock-on effect to roughly 1.5 million Kiwis who are affected by these tragic deaths or serious harm incidents."
“That’s why we’ve made it our mission to halve the number of suicides, serious injuries and harm experienced by tradies each year, by 2025.”
Managing partner at BBT Digital and Tools Down co-founder Mike Taylor recognises this is a lofty goal but is determined to achieve it.
“I’m a big believer in setting big, aggressive goals. By aiming to make a considerable impact, even if you fall slightly short, we’re still closer than if we set a smaller target.
“Our hope is that by educating people about the help and support available out there it can encourage people to take control of their wellbeing.
"With good education comes good prevention, this is where we’re hoping to encourage the conversation,” says Taylor.
Edwards says there are specific struggles a tradie faces that can take an overwhelming toll on mental health.
“You may wake up one morning and find your ute broken into and all your tools stolen or suffer a work injury that takes you off the tools.
"How do you deal with those lost assets and time on top of everything else? It can be the tipping point for some tradies," he says.
“Through Tools Down, people have approached us to discuss their hardships and need for valuable resources to coach them through times of stress. This is exactly what Tools Down is for and we’re glad people are using it.”
Tools Down is an introductory source for those who reach out via the platform, offering partnerships with specialist organisations across the country best placed to support those who seek help.
“Without the support of AIA Vitality, we wouldn’t have been able to get this platform off the ground," Edwards says.” Click here to read more
In other news
13 July 2021 – The Department of Internal Affairs released an AML/CFT risk assessment guide covering the NZ-to-Pacific Islands money remittance sub-sector. https://www.dia.govt.nz/risk-assessment-of-the-nz-to-pacific-islands-money-remittance-sub-sector
16 July 2021 – RBNZ, FMA & DIA, the three AML/CFT supervisors, released two AML/CFT documents relevant to all reporting entities:
- Explanatory Note: Electronic Identity Verification Guideline July 2021 https://www.fma.govt.nz/compliance/guidance-library/explanatory-note-electronic-identity-verification-guideline-july-2021/
- Factsheet: Birth Certificates with Redacted Information: confirming its position that certain details may be redacted by a customer from their birth certificate if it is used for identity verification purposes when conducting customer due diligence. https://www.fma.govt.nz/compliance/guidance-library/birth-certificates-with-redacted-information/
19 July 2021 – At the request of Government, the Productivity Commission is seeking input into Terms of Reference for a new inquiry into the drivers of persistent disadvantage within people’s lifetimes and across generations. https://www.productivity.govt.nz/inquiries/a-fair-chance-for-all/
We have launched the first half of our new report formats on Quotemonster. Check out the new heatmap and benefit overview reports - login to your Quotemonster account, get crunching, then go to research, pick a benefit and explore the new, customer friendly report options available.
We are delighted to offer new options to advisers who want research information that is more easily digestible for clients - but rest assured, under the hood, these reports are built on the same four factor research process that provides a value-based approach to rating insurance product.
We would love to hear what you think so please send any feedback to firstname.lastname@example.org
Partners Life has published client-focused insurance knowledge articles on Partners Life Academy and the Partners Life website. The articles are intended to be sharable material to simplify insurance concepts for clients. Advisers will find PDF copies of the articles in the Content Library under Assets.
- Why your insurance is more expensive than your friend’s
- Why does my premium go up each year?
- How do insurance companies pay out big claims, when their customers only pay small premiums?
- Where there’s a Will there’s a way – Why you should write a will
- Wielding the stick of power: The importance of having a Power of Attorney
- Guardians of the Parenting World: Who would you leave your kids to?
- What is ‘Policy Ownership’ and why does it matter?
- What are ‘Underwriting-Free Increases’?
- What are Exclusions and Restrictions?
- What are Premium Loadings?
- What are ‘Special Acceptance Terms’?
- Claims and Medical Requirements
- PHARMAC or Non-PHARMAC? That is the question…
“Partners Life Academy now hosts a series of short, client-focused insurance knowledge articles that you may find helpful to share with your clients. These articles are also available on the Partners Life website in web format. You may find the PDF format on Partners Life Academy easier to share and discuss.
Insurance is a complex topic, and we know you spend significant time explaining how insurance works to different clients. What if there was a source of short articles you could share that have been specifically developed to help educate clients?
In Partners Life Academy, you will find these articles in the Content Library under Assets. Each article is one or two pages, and available as a convenient PDF download.”
In other news
nib: medical notes not necessary when submitting applications through nibAPPLY, unless nib specifically requests them
nib: many applications have required manual underwriting which resulted in a backlog of up to three weeks
FSC: Hon Dr. David Clark announced as keynote speaker at the Regenerations gala dinner. Mitchell Pham announced as keynote speaker at the Regenerations Conference
mySolutions are set to run full FAP application sessions in the coming months in Auckland, Hamilton, Wellington, and Christchurch. Those living in other cities have the opportunity to attend a session in their city as long as there are a minimum of eight attendees. Those wishing to attend sessions should email their interest to email@example.com
mySolution members: $2,500 per FAP
Non-members: $2,850 per FAP
In other news
Financial Advice: Financial Advice is looking for someone to join as a Business Development Manager
A group of Wellington-based insurance professionals looking to network with and support women in the industry have set up a Women in insurance event. The event is being held on Tuesday 27th July starting at 4.30.pm. This is a free event sponsored by Cigna Life Insurance NZ.
The focus of the event will be to:
- meet other women in the industry
- gain skills such as networking and speaking
All are welcome, we think those who would benefit most from attending are:
- Those new to the industry
- Anyone feeling like they might be out of touch with who is still involved in Wellington
- Those looking to meet new people, learn a few things and have fun
- Those who have networking on their development plan
It is a relatively informal event so please do encourage those you work with to come along.
Please can you circulate to anyone within your organisation you feel may wish to attend. They will need to RSVP (Sarah Martin firstname.lastname@example.org) to secure their spot so we can monitor numbers for catering purposes and contact tracing. More details in the flyer below:
Should there be a change to the alert levels before this event we will look to make alternative arrangements which may include the ability to join online, restricting numbers or in the event of a move to level 3 or above rescheduling the date.
Partners Life Product Changes and Benefit improvements
Special Events Increase benefit limits increased from 75% to 100% for aggregated sum insured and new special event added
Counselling Benefit increased “use by” time to 12 months after claim
Financial and Legal Advice Benefit increased “use by” time to 12 months after claim and the maximum benefit increased to $3,000
Special Events Increase deal on offer to customers who missed policy anniversaries. Customers will have a have an additional 12 months added to their 60-day time limit that applies to their immediate past anniversary
Dependent Child Funeral Support Benefit updated to include unborn child age moving to 20 weeks or weighing more than 400 grams
Bed Confinement Benefit added under the daily care of a registered nurse as an alternative requirement
Alzheimer’s Disease, Dementia, Aplastic Anaemia, HIV (medical acquired), Multiple Sclerosis, Major Organ Transplant, Diabetes definitions changed in Trauma Cover
Non-surgical Benefit (Private Hospital and Serious Illness Benefits) annual limit increased from $300,000 to $500,000
New Public Treatment Top-Up Benefit means Partners Life will pay for some treatments after customer has covered treatment in public system.
$5,000 maximum limit removed for Second Opinion Benefit (Private Medical Cover)
New cover for mental health consultations has a maximum of $2,500 under Surgical and Non-surgical Benefits (Private Hospital and Serious Illness Benefits)
Optional Specialists and Test now includes Podiatrist as a specialist for consultations
Cancer definition simplified in Excess Waiver Benefit.
Income and Expenses Cover
Income and Expenses Cover is designed to include sustainability features, remove over-insurance and moral hazard opportunity, and provide customer support
Benefit is the greater of pre-disability income less offset x 75% of life assured’s share of pre-disability monthly domestic expenses
The cover term for Income Cover and Expenses Cover is to age 65 with payments term options of 2 years, 5 years and to age 65
Pre-disability income is the same as Income Cover
Disabled for occupation classes 1-4 includes 10 hours or 75% of activities but it moves from own to reasonable occupation after 12 months
Customers will be considered to be in occupation class 5 if they have been unemployed, on unpaid leave, working less than 25 a week, incarcerated in a penal institution, or legally barred 12 months before disability
Income Cover offsets apply to Income Cover and Expenses Cover
Income and Expenses Cover has a payment term restriction that applies for medically unevidenced claims. These are not a fixed restriction for mental health claims
Unevidenced claims in the Income and Expenses Cover are paid for up to 12 months
Fixed payment terms reset for new disability for the Income and Expenses Cover, although customers must be back to full time work for more than 12 months to reset.
Disability within 12 months of claim for any reason is a recurrent disability
Income and Expenses Cover ancillary benefits include Bed Confinement Benefit, Return to Work Benefit, Increasing Income Benefit, Recovery Support Benefit (reduced to 6x SI), and Vocational Retraining and Rehabilitation Benefit (reduced to 3x SI or max $10,000)
Income and Expenses Cover ancillary benefits don’t include Lump sum TPD, Critical Illness Benefit, Specific Injury Benefit, Child Care Assistance Benefit, Death Benefit, and Return to Home Benefit
YRT option only applies.
Moderate Trauma Cover
Partners Life desires to get back to the principle of indemnification meaning that customers don’t need claims paid unless they have financial losses, and they don’t need to pay premiums that doesn’t indemnify against loss
Moderate Trauma Cover allows price efficiency, cutting out claims with immaterial financial consequences. This enables customers to afford higher sums insured.
Moderate Trauma Cover will mean future prices will be sustainable and will allow advisers to fine tune severity based on trauma solutions
Moderate Trauma Cover will have more defined conditions for Alzheimer’s Disease, Dementia, Aplastic Anaemia, Angioplasty, Blindness, Cardiomyopathy, Chromic Kidney Failure, Cancer, Diabetes, Heart Attack, Intensive Care, Loss of Cognitive Function, Motor Neurone Disease and Muscular Dystrophy, Multiple Sclerosis, Severe Rheumatoid Arthritis, Stroke.
Designed to be 20% cheaper than Trauma Cover (TC), price differential expected to grow
Designed to be a mid-range trauma cover (between TC and Serious Trauma Cover)
No built-in TPD, customers that need TDP will need to take TPD Cover.
Moderate Trauma Cover can be combined with TC and STC to create a severity-based trauma option.
AIA New Zealand has announced that Countdown has replaced New World as the AIA Vitality Active Rewards Grocery Partner. AIA Vitality members can receive a Countdown gift card when weekly Active Rewards targets are met. Members can earn up to $300 worth of Countdown gift cards each membership year when they continue making health-conscious decisions and remain active on AIA Vitality. New Balance has also joined the AIA Vitality partner network, offering members a 30% discount off full priced footwear and accessories. Additional AIA Vitality partnerships are set to be announced next month.
Chief Product and Vitality Officer Len Elikhis has said that it’s great to see the tangible benefits being delivered. Elikhis shared that 25,000 members received over 164,000 Active Rewards, it was also revealed that members collectively took over 10 billion steps, claimed 3,400 free AIA Vitality health checks, and nearly 1,000 discounted MoleMaps..
“AIA Vitality members can turn their healthy habits into healthy food with the addition of a new Active Rewards Grocery Partner, Countdown.
Members can receive a Countdown gift card every time they reach their weekly Active Rewards target.
Countdown has replaced New World as a grocery partner and also joins Airpoints as an AIA Vitality Status Rewards partner, and members can earn up to $300 worth of Countdown gift cards each membership year by making healthier choices and continuing to engage with the AIA Vitality programme.
“We’re thrilled to have Countdown come onboard as our new Active Rewards Grocery Partner," says AIA NZ chief product and vitality officer Len Elikhis.
"With 180 stores nationwide, we are confident this is a benefit that members will be able to enjoy wherever they live in Aotearoa.”
Members can also get into gear with the addition of New Balance, who have joined the AIA Vitality partner network offering a 30% discount off full priced footwear and accessories.
“As we approach the second anniversary of AIA Vitality in New Zealand, it’s great to see the tangible benefits we’ve been able to deliver for Kiwis,” Elikhis says.
“Our nearly 25,000 members have received over 164,000 Active Rewards and improved their health by collectively taking over 10 billion steps.
“What’s more, our members have taken steps to learn more about their health and wellbeing, by claiming 3,400 free AIA Vitality health checks, and nearly 1,000 discounted MoleMaps.
"By regularly evolving the programme, we continue to motivate our members to live healthier, longer, better lives. With our latest partners, we’re set to take the programme to a whole new level."
Since launching in August 2019, AIA NZ has continued to enhance the AIA Vitality programme to deliver more value and rewards for members.”
In 2020 it launched the Apple Watch benefit, and in March this year welcomed new partner brands Samsung, Event Cinemas, and the Allen Carr Easyway Quit Alcohol programme.
More AIA Vitality partnerships will be announced in August 2021.” Click here to read more
In other news
We are excited to announce that we have made several improvements in the latest version of Quotemonster!
Some of the major changes include:
- The ability to view bank and non-adviser company premium estimates in the benefit screen
- Two additional report features have been added – Heatmap and Benefit Overview
The Heatmap Research report is a visual experience that quickly shows which features are better via colour-coding and single words
The Benefit Overview Research report is another useful addition to your tool kit, for the client who wants a simple benefit overview with a “yes” or “no” to show what is covered
You also have the option of interchanging between these reports at the Research stage and can even default to your preferred option by clicking through to “Settings”, “Quote Settings” and “Default Research Report”
If you are interested in joining our zoom meeting on Thursday, 22 July 2021 11:00 am-11:30 am where we will be introducing and detailing these new features, please email us on email@example.com
- For Advicemonster users, we have improved the way Joint Assets are displayed in Appendix Two of the Statement of Advice (SOA)
Please note our next Advicemonster demonstration will be on Thursday, 29 July 2021 11:00 am-12:00 pm – please email your interest through to firstname.lastname@example.org
The changes above should already be live upon your next login, however if they are not showing, please use our troubleshooting instructions below:
- Refresh your browser and scroll to the bottom of the page to ensure you are on version Web v.3.8.9b
- If you’re seeing a blue screen with our dinosaur munching away, please refresh your browser or push F5 on your keyboard
Clinton Stanger has been working in the area of professional indemnity insurance for about 20 years. For advisers seeking a scheme or advice on renewal I suggest you visit this link on his site and take it from there.
9 July 2021 – Department of Internal Affairs provided clarification on the obligation to undertake customer due diligence for nominee directors and nominee general partners under the Anti-Money Laundering and Countering Financing of Terrorism (Requirements and Compliance) Amendment Regulations 2021, which came into force today. https://www.dia.govt.nz/New-regulation-for-nominee-directors-and-nominee-general-partners
12 July 2021 – The Productivity Commission welcomed the Government’s response to its 2020 Technological change and the future of work inquiry, which confirms work will start on measuring the gig economy. https://www.productivity.govt.nz/news/commission-welcomes-moves-to-measure-the-gig-economy/
It has been reported that the A- (excellent) Financial Strength Rating and the A- (excellent) Long-Term Issuer Credit Rating are under review. This is a normal development in the case of substantial acquisitions. AM Best's decision comes after it was announced that Fidelity Life is set to purchase Westpac Life. AM Best have applied an "under review" status with developing implications status on Fidelity Life’s ratings to assess the financial and operational impacts the purchase will have on Fidelity Life. The rating status will remain in place until the purchase is complete, and AM Best is able to conduct an assessment of Fidelity’s credit rating fundamentals. Click here to read more
“SINGAPORE--(BUSINESS WIRE)--AM Best has placed under review with developing implications the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of Fidelity Life Assurance Company Limited (Fidelity Life) (New Zealand).
These Credit Ratings (ratings) actions follow the announcement on 6 July 2021, that Fidelity Life has entered into an agreement with Westpac Banking Corporation to acquire its New Zealand life insurance business, Westpac Life-NZ-Limited for NZD 400 million. The transaction also includes the establishment of an exclusive 15-year life insurance distribution arrangement with Westpac New Zealand Limited.
Concurrently, Fidelity Life has announced an equity investment of NZD 140 million from a new investor, Ngāi Tahu Holdings Corporation Limited (Ngāi Tahu Holdings), to fund the acquisition partly. Fidelity Life’s current largest shareholder, the New Zealand Superannuation Fund, and Ngāi Tahu Holdings are expected to fund the majority of the acquisition.
The transactions, which are subject to customary closing conditions, including shareholder and regulatory approvals, are expected to be completed by the end of 2021.
The under review with developing implications status reflects the need for AM Best to assess fully the financial and operational impacts of the acquisition and the funding structure on Fidelity Life’s rating fundamentals, including on its balance sheet strength and business profile.
The ratings will remain under review pending completion of the acquisition, and until AM Best can complete its assessment of Fidelity Life’s post-acquisition credit rating fundamentals.”
In other news
nib: nib Health Insurance Protect, Connect & Empower Seminar Series held in Christchurch and Auckland Central
The FSC has found that financial stress is impacting the mental health of more New Zealanders. 55.6% of participants in a recent survey reported that their wellbeing was impacted by financial issues, a 4.3% increase from last year. FSC CEO Richard Klipin has said that the survey indicates that there is a positive correlation between financial stress and the overall wellbeing of New Zealanders. Klipin has highlighted that the financial services sector has a significant role to play in supporting the wellbeing of customers and ensuring that there are support options in place. Klipin continued saying that the survey findings highlight the impact COVID-19 has on wellbeing, especially on the younger generation. Klipin has expressed his desire to see New Zealanders prioritise their financial wellbeing as it impacts their health and happiness.
“An increasing number of New Zealanders are finding that financial troubles are impacting their mental and physical health, relationships and overall wellbeing, and insurers say that a more ‘holistic’ approach is needed when it comes to dealing with customers experiencing difficulty.
A recent FSC survey showed that 55.6% of New Zealanders feel that financial issues have impacted their overall wellbeing - up from 51.3% in March 2020. CEO Richard Klipin said that the survey results clearly show the link between finances and mental and physical health, relationships and stress, and he says the financial services sector has a significant role to play in supporting customer wellbeing by building up their support options and financial resilience.
“While our findings suggest that we’re making progress in some areas, they also highlight that there is more to be done to support the public in building knowledge and gaining confidence when it comes to their finances,” he said.
“What remains clear from the latest survey results is the connection between money and our wellbeing, with over 55% of New Zealanders saying that financial issues have adversely affected their wellbeing.
“This highlights the continued impact that COVID-19 is having on the wellbeing of all New Zealanders,” he said.
“Particularly the younger generations, and we hope the survey results encourage people to prioritise their financial wellbeing, which clearly plays a direct role in health and happiness.” Click here to read more
In other news
nib: nib Health Insurance Protect, Connect & Empower Seminar Series held in Queenstown, Invercargill, and Christchurch
Southern Cross Health Insurance: TBWA\NZ appointed to the role of lead creative advertising agency
9 July 2021 – FMA released updated AML/CFT guidance related to the regulation changes coming into force today. https://www.fma.govt.nz/compliance/guidance-library/amlcft-regulations-update-2021
8 July 2021 – RBNZ released the results of its 2021 Relationship Charter performance measurement survey, noting also that this was the first year the insurance sector was included in the survey. https://www.rbnz.govt.nz/regulation-and-supervision/statements-of-approaches/statement-of-relationship-management-approach
7 July 2021 – FMA released survey results showing changing investor preferences and continuing confidence in the markets. https://www.fma.govt.nz/news-and-resources/media-releases/fma-survey-shows-changing-investor-preferences-and-continuing-confidence-in-the-markets/
7 July 2021 – FMA announced cancellation for the first time of a Managed Investment Scheme manager licence, belonging to Fund Managers Otago. https://www.fma.govt.nz/news-and-resources/media-releases/fma-cancels-fund-managers-otago-licence/
7 July 2021 – RBNZ announced that it will be consulting extensively over the remainder of 2021 on issues key to the future of how New Zealanders pay and save, driven by its new stewardship mandate for cash and a broader currency system. https://www.rbnz.govt.nz/news/2021/07/reserve-bank-confirms-consultations-key-to-the-future-of-how-new-zealanders-pay-and-save
7 July 2021 – Department of Internal Affairs released an update to help AML/CFT reporting entities who are involved in real estate transactions understand risks associated with sight unseen property purchases. https://www.dia.govt.nz/AML-CFT-Sight-unseen-property-purchases---ML-FT-Update