FSC welcomes Govt consultation
The Financial Services Council has acknowledged the progress on the Government’s financial sector culture and conduct reform work programme with the release of two options papers and said it welcomed the opportunity to respond to them.
Wednesday, May 1st 2019, 6:00AM
“These latest options papers are important as they speak to improving financial services across the entire sector for the benefit and wellbeing of consumers, and are wide-ranging in their scope," said chief executive Richard Klipin.
“We are committed to driving great consumer outcomes, helping consumers better manage risk and being part of the solution to support New Zealanders grow, manage, and protect their wealth."
He said the organisation would consider the proposals in detail before providing a repsonse to the Government.
"The industry takes culture and conduct matters very seriously and we are currently working on a range of measures aimed at lifting standards across the industry and ultimately building publictrust and confidence in the sector.
“Our members are hard at work responding to the issues highlighted in the Financial Markets Authority (FMA) and Reserve Bank of New Zealand (RBNZ) report on Life Insurer Conduct and Culture that was issued earlier in the year.
"In addition over the past 12 months the industry has initiated a number of important steps relating to improving culture and conduct including the adoption of the FSC code of conduct by all our members, responding to concerns about soft commissions by ending overseas conferences, and strongly supporting the progression of the Financial Services Legislation Amendment Act as it passed through Royal Assent.
“The option papers released today represent another important step in this process."
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