Articles tagged with 'conduct'
Conduct and the design of policy documents and product brochures
3 August 2023 - Many insurers are updating their policy documents and product brochures in an effort to meet a number of conflicting objectives, which could be summarised as: simplicity, accuracy and ease of operation.
FMA didn't disclose Booster conflict
18 March 2022 - The Financial Markets Authority failed to address conflict of interest issues during the KiwiSaver default review process.
FMA puts finishing touches on draft conduct guidelines
18 March 2022 - Newly ensconced FMA boss Samantha Barrass is planning to publish draft conduct guidelines for the financial industry “shortly” and is urging advisers to have their say.
Codes must have consequences
9 November 2021 - Codes of conduct are useless unless they are driven from the top down and must have consequences if broken if they are to mean anything.
Competency standards - to move forward, start at the finish
29 October 2021 - Professional competency is a career-long journey and if financial advisers can't cope with minimum standards, then it's probably not the path they should be taking.
FMA extends regulatory relief - focus on good conduct
29 September 2021 - While the covid crisis and regulatory change have hit many financial service providers hard it's also impacting the country's regulators - none more so than the Financial Markets Authority.
FSCL case highlights need for better record keeping
5 August 2021 - A complaint accusing an adviser of selling income protection insurance that was not fit for purpose has been dropped by Financial Services Complaints Ltd but highlights the need for accurate record-keeping by advisers.
National criticises new conduct bill
11 June 2021 - The new bill to regulate conduct of financial institutions started its second reading in Parliament yesterday and was immediately criticised by the National Party.
CoFI Bill: How will it affect commission?
25 May 2021 - The Financial Markets (Conduct of Institutions) Amendment Bill is set to reform the way banks pay commission to mortgage advisers, with sales and volume based incentives set to be outlawed. Here's what advisers need to know.
Tribunal divvies up blame in maintenance ruling
6 November 2020 - New Zealand’s aging housing stock and tradition of informal landlord-tenant relationships have the potential for complex disputes where fault lies with both parties – as illustrated by a recent Tenancy Tribunal ruling.
Always do your homework
27 October 2020 - With the housing market running hot there’s growing numbers of buyers out there and that’s left the Real Estate Authority (REA) reminding them to do their homework.
Education for landlords by landlords
23 October 2020 - Self-managing landlords are signing up in droves for the NZ Property Investors Federation’s new education programme which aims to help landlords run their properties like professionals.
Big damage pay-out awarded to landlord
5 October 2020 - Tenant liability for damage has long been a fraught issue but a new Tenancy Tribunal case shows that damage rulings can sometimes favour a landlord.
Labour plans to regulate property managers
2 October 2020 - Property managers will be regulated and subject to a Code of Conduct to ensure they meet professional standards if the Labour Party returns to power after the election.
FMA: No excuses for shoddy conduct
25 September 2020 - After 18 months supervision of the financial sector, the FMA is calling for improvements to governance and compliance.
New renters' guide for tenants
23 September 2020 - Far too many tenants are not aware of their obligations around their rental property so a new guide aims to spell out what they need to know and do.
Call for rent caps after freeze ends
21 September 2020 - Rents are set to go up for many as the Covid-19 prompted freeze on rent increases comes to an end later this week, but tenant advocates are now calling for rents to be capped.
FMA details Covid-19 response
17 September 2020 - A formal warning given to a financial adviser in May who recommended all clients urgently move their investments to low-risk funds was intended to send a message to the industry about the Financial Markets Authority’s expectations.
Ex-partner’s behaviour not a tenancy breach
15 September 2020 - Tenant responsibility for the behaviour of other people on the premises can have limits depending on the circumstances, a new Tenancy Tribunal ruling indicates.
Real estate price-fixing saga ends with big penalty
10 September 2020 - Price-fixing is in the spotlight, once again, after the Auckland High Court ordered two Hamilton real estate agencies to pay $4 million for engaging in it.
COMMENT: Furore over Healthy Homes story misleading
8 September 2020 - Never let the truth get in the way of a good story. It’s a tried and tested adage – and it’s one the NZ Property Investors Federation president felt the brunt of yesterday, muses NZ Property Investor editor Miriam Bell.
Online rent talk attracts ComCom attention
31 August 2020 - Think it’s okay to post about increasing rents on social media? Well, think again. That’s the warning contained in a Commerce Commission letter sent to property investor representatives last week.
Changes to RTA now in force
19 August 2020 - The Government’s controversial tenancy law reforms are now law after the Residential Tenancies Amendment Bill 2020 received Royal Assent on 11 August 2020.
What does ‘treat fairly’ mean in new conduct law?
17 August 2020 - Russell Hutchinson is a fan of being treated fairly, and thinks we should, of course, treat customers fairly. But how might the fair conduct requirement work in practice?
Covid-19 driving financial services change: McEwan
17 August 2020 - The Australian Royal Commission of Inquiry into misconduct in the banking system highlighted that there were things going on in banking that were “just not right”, NAB chief executive Ross McEwan says.
The return of Covid-19: what it means for landlords
12 August 2020 - After 102 days, Covid-19 is back and that means Auckland is returning to alert level three, while the rest of New Zealand will go to alert level two, on Wednesday. So what does that mean for landlords?
Greens propose more landlord regulations
10 August 2020 - Rental Warrants of Fitness. Licensing for landlords and property managers. They are ideas long held dear by the Green Party and, sure enough, they both feature in the Green’s new housing policy.
Win for financial advisers as CoFI tweaked
10 August 2020 - Financial advisers have been granted some leniency under the new Financial Markets (Conduct of Institutions) Amendment Bill.
The final countdown
1 August 2020 - This week was supposed to see the second reading of the Residential Tenancies Amendment Bill in Parliament. That didn’t come about. So what happens now?
COMMENT: Disappointment with the RTA Bill
13 July 2020 - The NZ Property Investors’ Federation is disappointed only minimal changes made to the Residential Tenancies Amendment Bill.
Select Committee green lights tenancy law reforms
10 July 2020 - Extreme disappointment is the response of property professionals to the Select Committee report on the Government’s proposed tenancy law reforms which was released this week.
Replacement case puts spotlight on 'churn'
6 July 2020 - New regulations coming into force in the insurance industry and financial advice sector may help avoid situations where people are left exposed by insurance replacement.
FMA statement of intent: Keep watch on incentives
30 June 2020 - New Zealand’s financial service providers can expect more scrutiny of their incentive structures over coming years, the Financial Markets Authority’s latest Statement of Intent shows.
COMMENT: Are Airbnb hosts in breach of the RTA?
30 June 2020 - Landlords could be using short term booking sites like Airbnb in an attempt to contract out of the Residential Tenancies Act, but by doing so they are exposing themselves to substantial risk and possible rent refunds, writes property management consultant David Faulkner.
Tenancy termination ban lifted
18 June 2020 - The end is nigh for emergency tenancy measures introduced during the Covid-19 lockdown with the Government today confirming the measures won’t be extended.
Concerns over commercial rent dispute plan
4 June 2020 - Too little, too late. That’s what commercial landlords’ advocates have to say about the Government’s newly announced $40 million commercial rent dispute package.
Rent arrears end tenancies in lockdown
20 May 2020 - The Covid-19 crisis saw the introduction of emergency rules which make it harder to terminate tenancies, but a recent Tenancy Tribunal ruling shows that racking up rental arrears can still mean the end of a tenancy.
Navigating level two: what landlords need to know
18 May 2020 - With around 95% of businesses now back at work and children returning to schools today, New Zealand is now fully ensconced in alert level two. So what does that mean for residential landlords?
Elephant in the room at level two
12 May 2020 - It’s official: New Zealand will be moving to alert level two by Thursday and thousands of workers will be returning to work, but issues remain for the commercial property sector.
Contactless solution for rental viewings
4 May 2020 - Rental viewings are once again possible but in a post-lockdown world they have to be run very differently - and a new property tech solution could be the answer.
Insurance FAQs for uncertain times
1 May 2020 - COVID-19 is set to be with us for many months ahead, so the Insurance Council of New Zealand has answered some commonly asked questions for landlords…
Govt considers commercial rent relief solutions
30 April 2020 - Mounting costs for small businesses trying to deal with the economic fallout of Covid-19 have prompted the Government to consider rent relief options.
What alert level three means for landlords
29 April 2020 - New Zealand has now moved out of alert level four lockdown to alert level three and that means a few less restrictions for residential rental property owners. Here’s some guidance on what the new rules are…
COMMENT: The ongoing fight for landlords’ rights
18 April 2020 - Proposed changes to tenancy law have left landlords fighting to retain the right to end difficult tenancies while students are fighting for the right to party, reports NZ Property Investors Federation executive officer Sharon Cullwick.
Life at level three for residential landlords
17 April 2020 - It won’t be a full release from lockdown but moving to alert level three will mean businesses that can operate safely will be able to reopen. So what does that mean when it comes to residential property?
More relief needed for commercial property sector
16 April 2020 - New measures to help out commercial landlords and tenants struggling with Covid-19 related lease issues have been announced – but the Property Council is warning that more support is needed.
One in five tenancies could fall into arrears
14 April 2020 - The Covid-19 crisis will result in greater falls in rents and higher default rates in regions, or suburbs, with higher rents, according to property management companies.
“No access in emergency” lease clause: putting it in context
8 April 2020 - Much attention has focused on a commercial property lease clause which could mean commercial tenants don’t have to pay all their rent during lockdown, so the Auckland District Law Society is providing more information about it...
Adviser warned over misleading Covid-19 ads
7 April 2020 - A registered financial adviser is in the gun after posting misleading insurance information about Covid-19.
Moving properties during COVID-19 lockdown
30 March 2020 - Confused about whether tenants can move properties during the lockdown? If so, you’re not alone – so Tenancy Services has now released some advice around the issue.
Two big questions in conduct law causing advisers concern, and its unintended consequences
30 March 2020 - The Financial Markets (Conduct of Institutions) amendment Bill raises a big question about the future of commission.
Landlords’ plea: don’t unfairly target us
27 March 2020 - There are growing concerns among many landlords about unreasonable expectations from tenants, and the Government, in relation to rent during the lockdown.
Emergency rules boost tenant protections
25 March 2020 - Landlords can't raise rents or evict tenants, expect in specific situations, during the Covid-19 lockdown – but tenants do have obligations too.
Covid-19 crisis: what landlords need to know
25 March 2020 - [UPDATED] The Covid-19 crisis means that New Zealand is now in a State of National Emergency and the nationwide lockdown begins tonight.
COMMENT: Property from the trenches
24 March 2020 - Covid-19's major impact on New Zealand's economy means job losses and that has implications for landlords. Veteran investor Debbie Van Den Broek offers some suggestions on how landlords can weather the storm.
How to address tenant job loss in the age of coronavirus
20 March 2020 - Compassion should be key to how landlords deal with tenants affected by coronavirus job losses but, ultimately, they are running a business and still need to pay their mortgages.
[The Wrap] Conduct wheels spinning
15 February 2020 - Commerce Minister Kris Faafoi promised no more big announcements this year, but there are still plenty of issues for financial advisers and the broader industry to tackle.
National questions limits on adviser incentives
14 February 2020 - National MPs have questioned the need for a bill that brings in new conduct requirements for insurers, banks and non-bank deposit takers.
Rental contaminated, not damaged by meth
11 February 2020 - Establishing meth contamination of a rental property, and working out the penalties for any damage, can be a complex business these days - as a recent Tenancy Tribunal decision illustrates.
Faafoi reassures advisers about the future
11 February 2020 - Commerce Minister Kris Faafoi has promised the financial services sector there will be no more big announcements this year.
Insurers argue cutting commissions will lead to poor customer outcomes
3 February 2020 - Product providers and adviser representatives have called for a slower pace of change in the financial services sector and for clarity of what’s expected for advisers in proposed new conduct rules.
Conduct bill will mean changes for advisers: MBIE
27 January 2020 - New conduct regulations for financial institutions will cause a limited reduction in access to financial advice because a ban or cap on commission has not been recommended, the Ministry of Business, Innovation and Employment says.
[The Wrap] Five predictions for 2020
10 January 2020 - It's the start of a new year and a new decade. While it's 2020, Philip Macalister looks ahead and makes some predictions around what may happen in the financial advice sector this year.
Bill tabled that will bring new conduct rules for financial institutions
13 December 2019 - A bill has been introduced into Parliament that will allow for regulation of the incentives paid to advisers and salespeople.
Ballantyne: Advisers don't own clients
3 December 2019 - Advisers can expect insurance companies to have a more hands-on approach to their relationships with clients, Partners Life managing director Naomi Ballantyne says.
[GRTV] Ballantyne on conduct and culture; who owns the client; the future of dealer groups and more
29 November 2019 - Partners Life managing director Naomi Ballantyne discusses the critical issues facing insurance advisers today.
ComCom warning for property trader
15 November 2019 - A property trader, who has attracted unfavourable media attention in recent years, has received a formal warning from the Commerce Commission.
COMMENT: The truth about tenancy terminations
5 November 2019 - The Government wants to get rid of “no-cause” tenancy terminations. Auckland Property Investors Association vice president Peter Lewis explains why that is a bad idea.
Legislation overload 'could have unintended consequences'
15 October 2019 - New rules of conduct for banks and insurers could be bad news for organisations already grappling with the looming implementation of the Financial Services Legislation Amendment Act, one law firm says.
Airbnb room rental not bylaw violation
4 October 2019 - Renting a spare bedroom on Airbnb was a breach of the tenancy agreement but it did not constitute an unlawful act - under a local body by-law - by the tenant, the Tenancy Tribunal has found.
Insurers won't be responsible for advisers 'at this point in time'
2 October 2019 - A new conduct regime will include "future-proofing" in case financial advice providers do not conduct themselves properly.
Finally, a breath that suggests it's not all about the advisers and their advice
1 October 2019 - As an insurance adviser, one of the challenges with the rhetoric that has been thrown around over the last few years, you could be forgiven for thinking we're the new whipping post.
Govt not throwing baby out with bathwater: Ballantyne
25 September 2019 - Government moves to introduce conduct licensing for insurers are being welcomed as proof it's taking a sensible approach to reform.
Crackdown on conduct
25 September 2019 - New rules for incentives and commissions will be introduced in wide-ranging changes revealed for the insurance and banking sector today, and the Financial Markets Authority will be given the ability to tell banks and insurers how to behave.
Price fixing earns Ronovationz $400k penalty
18 September 2019 - Property investment guru, Ron Hoy Fong’s, company has been handed down a $400,000 penalty by the High Court after admitting to price fixing in Auckland’s real estate market.
Insurer response 'not good enough'
17 September 2019 - Commerce Minister Kris Faafoi says insurers are "passing the buck" to advisers.
Investors shake off bad publicity
31 July 2019 - Financial Markets Authority (FMA) says negative banking and financial services publicity isn’t affecting investor confidence.
Everett tells insurance companies time's up and regulatory change is coming
11 June 2019 - FMA chief executive Rob Everrett says he finds it hard to comprehend that life insurance companies in New Zealand haven't responded to the "forest fires" going on in the industry.
Call to license landlords
10 June 2019 - There’s a fresh demand for the mandatory licensing of landlords – and this time it comes from property manager representatives.
Leave good client outcomes to advisers: Whyte
21 May 2019 - Regulators' proposals for reform of the insurance sector seem to be trying to dilute non-aligned advisers' relationship with their clients, one industry commentator says.
Conduct, culture, and commission
1 February 2019 - The conduct and culture report published by the FMA and RBNZ recently was meant to be all about insurers, but a significant consequence will be felt by advisers.
Asteron makes tweaks to help customers
23 January 2019 - Asteron Life is tweaking some of its materials to help customers have better conversations with advisers about the products offered.
Serve customers, don't ram products down throats: Everett
28 November 2018 - Satisfied customers should not be the measure for financial services firms to use to gauge their business conduct, FMA chief executive Rob Everett says.
D-day looming for bank conduct report
2 November 2018 - The Financial Markets Authority (FMA) and Reserve Bank will be releasing their report into bank conduct and culture in New Zealand banks on Monday.
FMA conduct review nears completion
19 October 2018 - Anyone who was hoping to see a big-name bank taken down by the Financial Markets Authority in its review of conduct and culture is likely to be disappointed.
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.
Short-term targets, long-term promises create poor conduct: Ballantyne
7 September 2018 - Partners Life managing director Naomi Ballantyne says the insurance industry needs to focus on what it does for its longest-held customer and its lowest-paid employee.
Failed MPM relationship doesn’t mean deadlock
6 September 2018 - A communication breakdown and lack of trust between Mike Pero and his erstwhile business partners doesn’t constitute a deadlock, according to the lawyer representing Pero’s legal foes.
Insurance conduct regulation's missing piece
29 August 2018 - More oversight is needed of insurance companies’ conduct, to fill a gap in regulation of the New Zealand market, one commentator says.
Bank profits under pressure - KPMG
18 July 2018 - The era of record setting profits for New Zealand banks looks to be over with a new report revealing they saw a significant decline in the last quarter.
Questions of Conduct: when does good conduct become financial advice?
11 June 2018 - Russell Hutchinson shares how bad conduct affects customers.
Working group signals changes
11 May 2018 - Code working group chairman Angus Dale-Jones says the group is already anticipating changes to the proposals it put forward – including the wording of its “good advice outcomes” directive.
An enquiry? Careful what you wish for
26 April 2018 - [ROYAL COMMISSION] New Zealand's financial services sector could get more than it bargained for if a Royal Commission were launched in this country, as it has been in Australia.
AMP: No more overseas trips
5 April 2018 - [UPDATED] AMP is putting a stop to its overseas trip incentives for advisers.
No safe harbour for new advisers
17 January 2018 - Advice firms wanting to recruit new advisers could have a new hurdle once the new regime takes effect.
Stakeholders urged to submit on bill
15 January 2018 - Submitters are working to a tight timeframe to get their views in on the Financial Service Legislation Amendment Bill.
Getting to Know: Paul Sewell
15 December 2017 - After a stint in banking, it was a newspaper article that prompted Paul Sewell into financial advice.
FMA preparing for advice changes
11 December 2017 - The Financial Markets Authority has told incoming Commerce and Consumer Affairs Minister Kris Faafoi that it is working through its preparations for the new financial advice regime.
FSC suffers financial blow but integration on cards
7 December 2017 - Insurers giving up their memberships have hit the Financial Services Council in the pocket.
Working group outlines new code's principles
1 December 2017 - Investment advisers look unlikely to need to meet higher competence standards under the new code of conduct for the industry.
Advice bill faces year-long delay
30 November 2017 - New rules for financial advisers are likely to be delayed until the end of next year.
A survival guide for financial adviser licensing
21 November 2017 - All financial advisory businesses will begin a mandatory licensing process, but do not fear, the FMA comes in peace, John Berry says. In the first of two-part commentary he shares his views on what to expect and how to prepare for change.
New board at FSC
17 November 2017 - The Financial Services Council has elected a new board at its recent annual meeting. Chief executive Richard Klipin said the FSC is in good shape financially...
Roboadvice green light 'better late than never'
17 November 2017 - Work is progressing on the exemption that will allow personalised roboadvice, or digital advice, in New Zealand. But one law firm says it's a case of "better late than never".
Report, not court action, for Goldman Sachs
15 November 2017 - Trading by Goldman Sachs New Zealand might have been misleading but that will not be tested in court, the Financial Markets Authority says.
Target on advisers outside associations
7 November 2017 - Advisers who are not members of a professional association risk becoming disengaged or missing out on important information about the upcoming advice regulation overhaul, the Financial Services Council says.
FSLAB could be slower
24 October 2017 - Progress of the Financial Services Legislation Amendment Bill may be slower under the new Labour-led government than it might have been under National.
New code's wider scope helps advisers: Chairman
19 October 2017 - Authorised financial advisers will benefit from being part of an industry fully bound by a code of conduct, the chairman of the working group developing the new code says.
Getting to Know: Anand Srinivasan
6 October 2017 - Anand Srinivasan has been making waves since he gave up working for a provider to work for himself.
14pc of inquiries about advisers, FMA says
28 September 2017 - The number of financial adviser inquiries made to the Financial Markets Authority is steady year-on-year, the regulator's latest annual report shows.
FMA: No regrets about $1.7m bill
1 September 2017 - Financial Markets Authority chief executive Rob Everett says $1.7 million for its case against fund manager Mark Warminger was money well spent.
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.
No fine for QROPS adviser who breached code
23 August 2017 - A financial adviser has been censured and ordered to operate under supervision for at least six months after being found to have breached the code of conduct.
New legislation may give advice industry new life
16 August 2017 - The financial advice industry is well-positioned for growth, if it is willing to make changes.
Working group lays out plans
14 August 2017 - A preliminary draft of the new code of conduct to cover all advisers is expected by next March or April, the working group developing it says.
GRTV Ep3: Code working group; the value of opening up to your clients; and risk advice upheaval
12 August 2017 - In this latest episode of GRTV, Good Returns publisher Philip Macalister sat down with the chairman of the Code Working Group, Angus Dale-Jones, Dr. Philip M. Randall, managing partner of The Thorndyke Group and Partners Life chief executive Naomi Ballantyne.
Getting to Know: Binu Paul
11 August 2017 - Binu Paul is known in the industry for his fresh approach to the application of technology in financial services. But did you know about his plans to dabble in fashion?
Dale-Jones happy with Code Working Group
9 August 2017 - The chairman of the Code Working Group, Angus Dale-Jones, responds to criticism of the make up of the group and also outlines its plans.
Dale-Jones: Judge us on our transparency
9 August 2017 - The chairman of the working group set up to develop a new industry code of conduct has deflected criticism of a lack of adviser involvement.
Bill won't get through this term - so what?
7 August 2017 - Labour 'can't guarantee' position of support for the Financial Services Legislation Amendment Bill won't change.
Financial Advice NZ set for take-off
3 August 2017 - Financial Advice NZ's working group has revealed the board who will lead it through the establishment phase.
Milestone day for financial advice in New Zealand
3 August 2017 - A new bill to replace the Financial Advisers Act was to be introduced on Thursday, Commerce Minister Jacqui Dean announced at the National Advisers Conference.
Milestone day for financial advice in New Zealand
3 August 2017 - A new bill to replace the Financial Advisers Act was to be introduced on Thursday, Commerce Minister Jacqui Dean announced at the National Advisers Conference.
Warminger, FMA withdraw appeals
31 July 2017 - Mark Warminger has withdrawn his appeal against the High Court judgment that found him guilty of market manipulation, citing health issues and the impact on his career.
Getting to Know: Richard Klipin
28 July 2017 - Richard Klipin is tackling the job of rejuvenating the FSC in a period of big change for the industry.
FMA finds room for improvement
21 July 2017 - Consumers still feel they are not getting enough information about the fees and costs associated with the financial products they hold, and why they are suitable choices.
Adviser gets community work, fine
13 July 2017 - A former registered financial adviser who forged clients’ initials and falsely amended insurance applications has been sentenced to 150 hours of community work, six months' community detention and ordered to pay reparations of $16,461.24.
Decline in banking sector profits - KPMG
12 July 2017 - Bank profits dropped in the first part of this year – despite the housing loan driven growth of their loan books.
Committee argues for level playing field for advisers
12 July 2017 - Moves to allow roboadvice must ensure that providers are held to the same standards as authorised financial advisers, the Code Committee says.
Advisers told: Your voice will be heard
4 July 2017 - First-hand adviser input will be critical for the working group tasked with developing the new code of conduct for financial advisers, the group’s chair, Angus Dale-Jones, says.
Insurers could do better: FSC
3 July 2017 - Insurers have work to do to better comply with their disclosure requirements, the Financial Services Council says.
Warminger slapped with hefty penalty (+ JUDGMENT)
30 June 2017 - The High Court has handed former fund manager Mark Warminger a substantial penalty but the appeals continue.
FMA faced conduct criticism
7 February 2017 - The Financial Markets Authority was told its early draft of a conduct guide for market participants was both too prescriptive, and not prescriptive enough.
