About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds Other Sites:   tmmonline.nz  |   landlords.co.nz
Last Article Uploaded: Monday, May 20th, 7:27AM
rss
Latest Headlines

Financial advisers just 2% of IFSO complaints

Financial advisers might be in the regulators’ sights, but they make up a very small percentage of complaints to the Insurance and Financial Services Ombudsman.

Wednesday, August 29th 2018, 3:00PM

The scheme has released its annual report today, which shows that just seven complaints of the 320 it dealt with were about advisers. Complaints related to fees and charges, whether reasonable care was taken, and the standard of service.

Another 108 inquiries were received about advisers, or 3% of the total inquiry workload.

IFSO dealt with its highest number of complaints since 1998 in the past financial year.

Most were about general insurance, followed by health, life and disability insurance, at 31% of complaints.

“There will always be complaints, but learning from them is immensely valuable as a means to improve conduct across the entire sector and reduce reputation risk,” said ombudsman Karen Stevens “Complaints help to inform and educate the industry, with the aim of avoiding customer dissatisfaction.

“We see very few complaints about financial advisers. We know that the unique relationship advisers have with their clients means that advisers do their best to resolve issues at the earliest stages, so very few are escalated or result in a complaint to the IFSO Scheme. That is why the training and support we offer our members focuses on helping advisers resolve client dissatisfaction as early as possible – this is best result of clients and advisers.”

She said the complaints that were investigated included good lessons for the industry.

“Advisers should be aware of their legal obligations and have the documentation to demonstrate they meet these obligations.  Conduct risk is top of mind for everyone in the financial services industry and measuring themselves against the complaints to the IFSO Scheme is the best way our Participants can ensure they are meeting acceptable standards of conduct and behaviour.

“Given the FMA’s focus on replacement business and adviser conduct, advisers will be under increasing scrutiny. The advisers who follow best practice, with good records and clear statements of advice will be able to respond to any review or client dissatisfaction more effectively. However, all clients have the opportunity to make a complaint and this feedback can be helpful to improve client communications and avoid issues arising in the future.”

Tags: IFSO

« Insurance conduct regulation's missing pieceAMP credit rating cut on back of Royal Commission »

Special Offers

Comments from our readers

No comments yet

Sign In to add your comment

 

print

Printable version  

print

Email to a friend
Insurance Briefs

Fidelity Life team up for award
Fidelity Life chief technology Officer Dan Wilkinson and his team have been named as a finalist in the Best ICT Team Culture category at the 2019 New Zealand CIO Awards.

Cigna to support kids' mental health
Cigna New Zealand and Life Education have partnered to develop Small Changes Whānau Challenge, a new take-home resource that will support classroom learning about kids’ mental health and wellbeing.

AIA and Sovereign close online product
Sovereign's guaranteed acceptance insurance product Simple Life is being closed to new business.  

Cigna expands into South Island
Cigna has officially opened its new office in Christchurch, the organisation’s first move into the South Island.

News Bites
Latest Comments
Subscribe Now

Cover Notes - Specific news aimed at risk advisers

Previous News
Most Commented On
About Us  |  Advertise  |  Contact Us  |  Terms & Conditions  |  Privacy Policy  |  RSS Feeds  |  Letters  |  Archive  |  Toolbox
 
Site by Web Developer and eyelovedesign.com