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What the FMA will do next

The Financial Markets Authority has identified its target and will start to knock on the doors of advisers it is worried are churning business.

Wednesday, June 29th, 3:00PM

It has today released its report into replacement business in the life insurance industry.

Looking at data from the country’s main insurers, it identified that 200 of the 1100 advisers with more than 100 active life policies on their books met the FMA’s criteria for a high estimated rate of replacement business.

That criteria was that at least 12% of an adviser’s policies lapsed and the adviser wrote at least 12% of policies as new business within one year, to least 40 lapsed in a month and the adviser wrote 40 new policies in the same month...MORE»

Minister says no commission ban

Wednesday, June 29th, 1:00PM

Commerce Minister Paul Goldsmith says banning commissions isn't something the government will do, even though the FMA says they create problems.

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FMA says commission drives churn

Wednesday, June 29th, 11:01AM

[UPDATED] The long-awaited Financial Markets Authority report on life insurance churn is out and advisers who replace policies regularly will be watched closely.

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FSC welcomes FMA report on life insurance sales practices

Wednesday, June 29th, 11:00AM

The Financial Services Council – which represents life and income insurers, among others – welcomes today’s report from the Financial Markets Authority, on life insurance sales practices.

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Why financial advice matters

Wednesday, June 29th, 11:00AM

Fidelity Life acting chief executive Ed Eadie says the FMA report on replacement business has a narrow scope and risks undermining the important role of financial advisers.

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Pinnacle gets into income protection

Wednesday, June 29th, 6:00AM

Direct insurance provider Pinnacle Life is branching out into income protection insurance and offering an online tool to help people work out how much life insurance cover they need.

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Building a new advice process – Start With A Question

Tuesday, June 28th, 11:37AM

Just say for a moment that one of the outcomes of the Financial Advisers Act Review is that most RFAs will have to meet the requirements of the AFA Code of Practice.

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Insurer reactions 'too slow'

Monday, June 27th, 6:00AM

An insurance software provider says New Zealand insurers take too long to get new products and pricing to market, and it is costing them money.

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Latest Comments
  • FMA says commission drives churn
    “Until the FMA sorts out the 1500 Kiwisavers a month getting churned to the banks they have no credibility at all lets be...”
    13 hours ago by Steven Popodopolus
  • FMA says commission drives churn
    “I agree with Brent Sheather. The bank’s involvement in Kiwisaver is (at best) against the interests of consumers, and (most...”
    13 hours ago by Pragmatic
  • FMA says commission drives churn
    “I agree with Brent Sheather on his points. While I'm disgusted by the fact that there are some 'advisers' out there behaving...”
    13 hours ago by AFA Muggins
  • FMA says commission drives churn
    “I know nothing about insurance or commission but the FMA frequently seem to find reasons why they should not look closely...”
    15 hours ago by Brent Sheather
  • Associations expecting 'yes' vote
    “Hi Fred We might as well continue this in the full glare of the public. It might be a clarifying exchange for all. If it's...”
    16 hours ago by Murray Weatherston
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