Two big questions in conduct law causing advisers concern, and its unintended consequences
The Financial Markets (Conduct of Institutions) amendment Bill raises a big question about the future of commission.
The draft allows that the FMA will have the power to regulate incentives, and defines incentives clearly including the definition of commission (in section 446P). The effect is that the FMA will have the power to ban all commissions if it wishes.
While MBIE assured Katrina Shanks at Financial Advice New Zealand that the commission model was not under threat, only incentives tied...MORE»
Cigna joins redundancy cover freezeTuesday, March 24th, 10:06AM
Cigna is joining Fidelity Life and Partners Life in putting a hold on new sales of redundancy cover. MORE» |
Newpark makes U-turn on FAP statusMonday, March 23rd, 6:46PM
Newpark Financial Services board met last week and has done a U-turn and decided to become a financial advice provider. MORE» |
nib: Significant impact coming from Covid-19
Health insurer nib has withdrawn its market guidance for the 2020 financial year because of uncertainty about Covid-19.
MORE»Fidelity Life makes Covid-19 changes
Fidelity Life has taken the same decision as Partners Life and has stopped selling redundancy cover.
MORE»Partners Life to pay override commission to advisers
Partners Life is making major changes to its commission payments which will see payments made to FAPs based on customer outcomes rather than to dealer groups.
MORE»RBNZ can't say if or when it may approve AMP Life sale
The Reserve Bank said it won't approve AMP Life's sale of its New Zealand life insurance business if it is "not comfortable" with it and said it can't provide a time frame for a decision.
MORE»Partners puts hold on redundancy cover
Partners Life has put a stop to sales of the redundancy benefit on its Mortgage Repayment Cover, in the face of a probable global recession.
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