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, December 5th, 1:25PM

Mortgages

rss
Latest Headlines

Finsure sees room to improve compliance support in NZ

New to New Zealand aggregator Finsure isn't too impressed with what it's seen in the local market.

Thursday, August 31st 2023, 11:32AM 1 Comment

Finsure Group, has criticised the lack of support and tools on offer to advisers in New Zealand to help them meet their compliance obligations.

After launching its expansion into New Zealand earlier this month. Finsure’s executive team has noted that New Zealand advisers are not getting the same level of compliance support as their Australian equivalents.

Finsure head of compliance and risk, Samantha Wills, said she could see a real opportunity to help deliver best practice compliance support in the New Zealand adviser sector.

“Frankly, we see a huge opening to support New Zealand advisers to help them meet their compliance obligations through leverage our compliance tools and support,” she said.

“Finsure has been leading the way in Australia by using compliance as an enabler rather than as an inhibitor.

“Our compliance team can take immediate action when they identify that an adviser is not following the framework in instances such as failing to upload minimum required documents or underquoting living expenses.

“Importantly, our early intervention strategy allows the adviser the chance to change their behaviour and ensure their mistake is not repeated before it’s too late. No other New Zealand aggregator is taking this approach. Finsure is leading the way in turning attitudes to compliance away from after-the-fact detection and firmly towards prevention.”

Wills, who has almost 20 years’ experience dealing with compliance in the finance, banking and insurance sectors, said Finsure’s customer relations management (CRM) platform Infynity has been helping advisers to save on time consuming compliance tasks by providing automation.

“Rather than having to fill out multiple Disclosure Documents, our CRM actually prefills out the information for the adviser and combines this process into a single reader friendly document,” she said. “This takes out a lot of manual work, reduces duplication of information whilst also reducing human error.

“We also conduct regular file reviews to support and assist advisers stay on top of compliance obligations. We overlay this with regular training. Training methods tailored to their preference - face to face or webinar. Importantly the training is personalised to each business. We provide compliance training that’s aligned to the individual members Financial Adviser Provider (FAP) licence not just the master FAP licence.

“If an adviser is ever stuck or needing assistance an adviser can call or email our compliance specialists for guidance and advice. Given how time consuming it can be for advisers to meet their compliance obligations, Finsure are planning to lead to way with automation and personalised support."

Tags: Finsure

« [GRTV] Advisers can thriveHeartland's reverse mortgages grow at more than 20% »

Special Offers

Comments from our readers

On 31 August 2023 at 5:13 pm Chatterbox said:
There is also a wide gulf of non-compliance as to administrative practices, market conduct over time, actuarial & PFCR (product financial conditions report) disclosure by issuers to advisers.

The gap is used for advantage by issuers to blame advisers for product shenanigans over time after point of sale when few are looking despite self-reporting obligations.

Helping advisers at point of sale is one thing, but its after that when customers have increasingly paid more into the product and often "locked-in" for various reasons that compliance falls away.

Now the licence regime needs compliance with 'Fair Conduct' it will be interesting to see if that really happens.

Sign In to add your comment

 

print

Printable version  

print

Email to a friend
News Bites
Latest Comments
  • Partners kills its matrix
    “@Backstage, thanks. I agree there is no relationship to CoFI, though, from a service perspective, I have two other providers...”
    1 day ago by JPHale
  • Partners kills its matrix
    “Partners Life has decided to stop using its COM for advisers as it believes the system may breach the CoFI regulations which...”
    2 days ago by Amused
  • Partners kills its matrix
    “Insurance companies should stick to their lane. They are not advisers and even those that employ advisers should not be crossing...”
    2 days ago by Tash
  • [GRTV] The nitty gritty of Smart’s ETFs
    “Advisors should consider all gateways into investment markets including cheaply priced ETFs to provide access to low priced...”
    2 days ago by Pragmatic
  • DRS member or not - client care remains advisers’ responsibility
    “FAPs are members of DRS too. Substitute “adviser” for “FAP” and the story is actually a lot more accurate. If...”
    3 days ago by Aggressively_passive
Subscribe Now

Mortgage Rates Newsletter

Daily Weekly

Previous News

MORE NEWS»

Most Commented On
Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
AIA - Back My Build 4.94 - - -
AIA - Go Home Loans 7.49 ▼5.79 ▼5.49 ▼5.59
ANZ 7.39 6.39 6.19 6.19
ANZ Blueprint to Build 7.39 - - -
ANZ Good Energy - - - 1.00
ANZ Special - 5.79 5.59 5.59
ASB Bank 7.39 ▼5.79 ▼5.49 ▼5.59
ASB Better Homes Top Up - - - 1.00
Avanti Finance ▼7.90 - - -
Basecorp Finance ▼8.35 - - -
BNZ - Classic - 5.99 5.69 5.69
Lender Flt 1yr 2yr 3yr
BNZ - Mortgage One 7.54 - - -
BNZ - Rapid Repay 7.54 - - -
BNZ - Std 7.44 ▼5.79 ▼5.59 5.69
BNZ - TotalMoney 7.54 - - -
CFML 321 Loans 6.20 - - -
CFML Home Loans 6.45 - - -
CFML Prime Loans 8.25 - - -
CFML Standard Loans 9.20 - - -
China Construction Bank - 7.09 6.75 6.49
China Construction Bank Special - - - -
Co-operative Bank - First Home Special - ▼5.69 - -
Lender Flt 1yr 2yr 3yr
Co-operative Bank - Owner Occ 6.95 ▼5.79 ▼5.59 5.69
Co-operative Bank - Standard 6.95 ▼6.29 ▼6.09 6.19
Credit Union Auckland 7.70 - - -
First Credit Union Special - ▼5.99 ▼5.89 -
First Credit Union Standard ▼7.69 ▼6.69 ▼6.39 -
Heartland Bank - Online ▼6.99 ▼5.49 ▼5.39 ▼5.45
Heartland Bank - Reverse Mortgage - - - -
Heretaunga Building Society 8.60 6.65 6.40 -
ICBC 7.49 ▼5.79 ▼5.59 5.59
Kainga Ora 8.39 7.05 6.59 6.49
Kainga Ora - First Home Buyer Special - - - -
Lender Flt 1yr 2yr 3yr
Kiwibank 7.25 6.89 6.59 6.49
Kiwibank - Offset 7.25 - - -
Kiwibank Special 7.25 5.99 5.69 5.69
Liberty 8.59 8.69 8.79 8.94
Nelson Building Society ▼7.94 5.95 6.09 -
Pepper Money Advantage 10.49 - - -
Pepper Money Easy 8.69 - - -
Pepper Money Essential 8.29 - - -
SBS Bank ▼7.49 6.95 6.29 6.29
SBS Bank Special - 6.15 5.69 5.69
SBS Construction lending for FHB - - - -
Lender Flt 1yr 2yr 3yr
SBS FirstHome Combo ▼4.94 5.15 - -
SBS FirstHome Combo - - - -
SBS Unwind reverse equity 9.75 - - -
TSB Bank 8.19 6.49 ▼6.39 ▼6.39
TSB Special 7.39 5.69 ▼5.59 ▼5.59
Unity 7.64 5.99 5.69 -
Unity First Home Buyer special - 5.49 - -
Wairarapa Building Society 8.10 6.05 5.79 -
Westpac 7.39 6.39 6.09 6.19
Westpac Choices Everyday 7.49 - - -
Westpac Offset 7.39 - - -
Lender Flt 1yr 2yr 3yr
Westpac Special - 5.79 5.49 5.59
Median 7.49 5.99 5.79 5.69

Last updated: 5 December 2024 10:06am

About Us  |  Advertise  |  Contact Us  |  Terms & Conditions  |  Privacy Policy  |  RSS Feeds  |  Letters  |  Archive  |  Toolbox  |  Disclaimer
 
Site by Web Developer and eyelovedesign.com