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FMA asks for client files

Wednesday 22nd of February 2017

As part of its work into churn, the FMA identified 200 advisers who had a high estimated rate of replacement business.

It wrote to them with a section 25 request, asking for a list of all their clients, and all of those who had moved their policies since 2012, including details of the original policy, new policy and any non-standard terms involved.

It also wanted a list of all insurers clients had policies with, and details of the commissions and incentives advisers received.

That was then followed with another request, which asked them to present full client files for specified clients by December 15.

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