tmmonline.nz  |   landlords.co.nz        About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds

NZ's Financial Adviser News Centre

GR Logo
Last Article Uploaded: Thursday, August 6th, 10:32PM

Insurance

rss
Latest Headlines

Quotemonster responds to new adviser regime

Life insurance price comparison site Quotemonster is tightening up access to its service in reaction to new licensing regime.

Friday, October 4th 2019, 8:42PM

“QuoteMonster will be making changes to its service as a response to the new licensing environment. With transitional licensing just around the corner these changes will start to be implemented from now," Quality Product Research chief executive Alan Rafe says.

"Essentially, we will be tightening up who has access to their pricing and research engine and ensuring there is a clear record of access. With the increase in responsibility placed on Financial Advice Providers they will need to ensure it is clear who is providing the advice (financial entity) and who has access to the account from a privacy perspective."

Key changes to ensure only advisers use the system include:

  1. FSP-number validation is being integrated, via an API, with the Financial Service Providers Register so it will be able to monitor in real time the registration details and status of an FAP / FA account.
  2. It will restrict the number of devices that can access an account and require email verification with each device
  3. Provide the ability for administration and or compliance people to access a FAP/ FA account under their own login to monitor access (small fee required)
  4. These changes will be implemented over the next couple of months as a gradual process to ensure as little disruption to advisers as possible.

"Changes to regulation in the industry require us to do our part to support advisers during the advice process," Rafe says.

"More responsibility will be placed on the Financial Advice Provider to ensure that the advice process is followed, and these changes will assist them in this process."

"We think the use of independent research will be an important tool for advisers when providing advice. Most of our users will not see any change in the access they have and will only need to register their devices. Others will need to update their FSP details or login details to ensure that the disclosures in their quotes and research reports clearly identify them."

Tags: Financial Services Legislation Amendment Act Quotemonster

« Asteron offers to guide advisers through changeFidelity hits $1 billion milestone »

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

Insurer nib backs Ronald McDonald House with $20k investment
Health insurer nib New Zealand and its nib foundation have lent support to Ronald McDonald House Charities.

Less stressed during lockdown
New Zealander’s health and wellbeing had surprising benefits from the Covid-19 lockdown.

Southern Cross supports new safe haven for at-risk pets
Southern Cross Pet Insurance has teamed up with Pet Refuge to provide temporary shelter for animals affected by family violence.

nib Foundation supports Lifeline to the tune of $150,000
To support the growing mental health needs of Kiwis emerging from the Covid-19 pandemic, Lifeline Aotearoa has increased its service capacity thanks to a $150,000 grant from nib foundation, the charitable arm of nib New Zealand (nib).

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
x