Articles tagged with 'Churn'
Insurers call for replacement business rules in code
15 April 2019 - Insurance firms and other commentators asked for more rules around replacement business and the ongoing servicing of clients to be included in the industry’s new code of conduct.
Chatter about churn and commission
4 March 2019 - Given the latest chatter about commission, I thought dusting this off was appropriate now.
Servicing adviser should get trail
21 February 2019 - Forget about upfront commissions, one adviser says churn should be tackled by allowing trail commissions to be paid to the servicing adviser – not simply the person who sold the product in the first place.
Tackling a biggie…
5 November 2018 - Adviser Churn, is it churn, beneficial rearrangement or just plain old advice?
Code tackles replacement business
19 October 2018 - How insurance advisers set about replacing clients’ policies may have to change when the new code of conduct for the financial advice sector takes effect.
Which QFEs in FMA's sights?
25 July 2018 - When the Financial Markets Authority released its report this month into QFE replacement insurance business processes, it said it was considering possible sanctions against three.
Advisers vindicated in latest report
19 July 2018 - Advisers have been vindicated by a report that unearthed serious problems with many of the country’s biggest qualifying financial entities (QFEs), one product provider says.
[GRTV] The future of insurance commissions
18 April 2018 - Commerce Minister Kris Faaoi talks to Philip Macalister on Good Returns TV about the future of commissions, law changes planned and churn.
[GRTV] Special Episode: Minister discusses adviser reforms, commission and KiwiSaver
16 April 2018 - Good Returns TV is pleased to bring you an extended interview with the Minister of Commerce Kris Faafoi. In it he discusses issues with the Code Working Group, the future of commissions, KiwiSaver and churn in the life insurance sector.
The Wrap: Unofficial QSMs; Formal CWG complaint lodged: Will anyone follow AMP?
6 April 2018 - It may have been another short week, but that didn't stop it from being one with plenty of heat and action for financial advisers. Here's our take on what's happened.
[Opinion] Let’s embrace the spotlight and talk about trust
6 April 2018 - The FMA's Churn report challenge the fundamentals of the way our industry operate, FSC chief executive Richard Klipin says. But it should also be seen as a rallying call to all involved with life insurance.
AMP: No more overseas trips
5 April 2018 - [UPDATED] AMP is putting a stop to its overseas trip incentives for advisers.
CWG on a 'witch hunt
2 April 2018 - Future qualifications for financial advisers is a hot topic at the moment, but they may well be meaningless unless other changes are made, Jon-Paul Hale says.
Ballantyne responds to FMA churn report
28 March 2018 - [OPINION] Partners Life managing director Naomi Ballantyne says she's pleased with the FMA Churn Report, but there is more to do.
'Not all advisers churning'
23 March 2018 - New Zealand’s financial advice sector has welcomed the Financial Markets Authority’s long-awaited report into life insurance churn – but said its findings shouldn’t be taken as representative of the industry as a whole.
FMA: We're putting life advisers on notice
22 March 2018 - FMA releases Churn Report: It says New Zealand’s system of high upfront insurance commissions needs to change.
Advisers lack client files
12 October 2017 - The Financial Markets Authority’s work on replacement insurance business is a good advertisement for why there needs to be a change to the law, one commentator says.
FMA outlines plans - has eyes on advisers
30 August 2017 - The Financial Markets Authority is laying out how it plans to use its new, increase level of funding – and advisers can expect to receive its attention.
Get basics right: Ballantyne
9 August 2017 - Naomi Ballantyne, Managing Director of Partners Life, talks about adviser businesses and getting them ready for the future, plus an update on their upcoming roadshow.
EDRs: Here's how to protect yourself from churn claims
27 July 2017 - Advisers must keep good records of their interactions with clients to protect themselves against allegations of churning business, dispute resolution services say.
Churn work takes next step
26 June 2017 - The Financial Markets Authority's investigation into insurance advisers' replacement business continues, with some of the interviewed advisers contacted again.
Jennings working on churn solution
3 May 2017 - The former chief executive of Fidelity Life says insurance advisers should come up with their own solution to the problem of churn.
Clients complain about churn
1 November 2016 - Advisers are dobbing in other advisers they suspect have been inappropriately replacing insurance policies.
What's good advice from an RFA?
14 September 2016 - Non-AFA advisers are being warned that while what counts as a good advice process for them might be a “grey area” at the moment, they should expect to have to follow a set procedure soon.
FMA launches next stage of churn probe
11 August 2016 - Financial Markets Authority staff have begun contacting advisers who have been identified as having high rates of insurance replacement business on their books.
Let's deal with rogue advisers
4 July 2016 - Only very small number of insurance brokers are doing anything dodgy, writes David Whyte.
Associations: Act on dodgy advice
4 July 2016 - Adviser associations are hoping the Financial Markets Authority will act quickly on any instances of bad behaviour among insurance advisers.
What the FMA will do next
29 June 2016 - The Financial Markets Authority has identified its target and will start to knock on the doors of advisers it is worried are churning business.
Minister says no commission ban
29 June 2016 - Commerce Minister Paul Goldsmith says banning commissions isn't something the government will do, even though the FMA says they create problems.
FMA says commission drives churn
29 June 2016 - [UPDATED] The long-awaited Financial Markets Authority report on life insurance churn is out and advisers who replace policies regularly will be watched closely.
FSC welcomes FMA report on life insurance sales practices
29 June 2016 - The Financial Services Council – which represents life and income insurers, among others – welcomes today’s report from the Financial Markets Authority, on life insurance sales practices.
Churn report due in mid-2016
16 March 2016 - The Financial Markets Authority expects to have a report on its investigation into churn in the insurance industry available by the middle of the year.
4 of the best MJW quotes
23 November 2015 - In MJW report on life insurance insurance has been a hot topic of discussion at the SiFA conference. Here are some of the best quotes about it. "The FSC...
A blunt instrument in the wrong hands: PAA
23 November 2015 - PAA chief executive Rod Severn says there are some good recommendations in hte MJW report, but it is let down by MJW's unbalanced view of replacement business and the value of advice.
MJW report scores a D
23 November 2015 - [OPINION] Despite all the money spent on the MJW report and all the discussion the authors had with people in the life insurance industry its conclusions are flawed. Unfortunately though some may take the findings seriously.
Churn not advisers' problem, coach says
13 November 2015 - New Zealand's insurance industry should stop blaming advisers for what might be perfectly natural rates of client attrition, one commentator says.
MJW suggests end to overrides
13 October 2015 - Questions are being asked about whether insurance broker dealer groups will survive if recommendations suggested by a report into the insurance industry are adopted.
Suprising new marketing techniques
17 August 2015 - Two advisers I know have recently taken the churn debate right into the public domain and uses it as a positive marketing strategy: in almost exactly opposite ways.
Commission, replacement not an issue, summit hears
4 August 2015 - A recent PAA "summit on accessibility of advice" shows industry consensus that adviser remuneration and replacement business are not problems in and of themselves, the association’s president says.
[Opinion] Risk commission future not all gloom and doom
20 July 2015 - Veteran insurance adviser David Pine says the sky won't fall in if life insurance companies are forced to cut commissions like their counterparts in Australia.
Churn debate: Reduce conflicts
17 July 2015 - One insurance company that is part of the FMA’s investigation into churn will tell a very different story all its competitors.
Churn debate: Underinsurance the issue, not commissions
25 June 2015 - Kepa group chief executive Jeff Page says the Financial Markets Authority should step in and set some rules around churn.
Churn debate: Australia moves to hybrid remuneration model
25 June 2015 - The Australian government has accepted a new, hybrid remuneration model for life insurance advisers where upfront commission is set at 60%.
Churn debate: Don't make it a war on commissions
12 June 2015 - ANZ Wealth managing director John Body says the FMA's investigation into churn is an opportunity to build a more sustainable industry and shouldn't be a war on commissions.
Churn debate: Don't follow Australia Jennings warns
4 June 2015 - Fidelity Life chief executive Milton Jennings says there is a churn problem and if New Zealand follows Australia many good advisers will suffer.
Churn debate: AMP surprised
2 June 2015 - AMP was "suprised, but pleasantly surprised" that the FMA has launched its investigation into churn.
FMA starts major investigation into churn
29 May 2015 - The Financial Markets Authority has launched a massive investigation into life insurance churn using special powers it has under law.
