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Disputes resolution rule changes and potential impacts
August 14 @ 10:00 am - 11:00 am NZST
![Dispute resolution rule](https://financialadvice.nz/wp-content/uploads/2024/07/14-August-2.png)
On 18 July, new rules for approved dispute resolution schemes came into law under the Financial Services Providers Regulations 2024 (Rules for Approved Dispute Resolution Schemes).
Some of the notable changes were the increase in the threshold of the monetary value of the claim loss that a Disputes Resolution Scheme Provider (DRS) can resolve, the introduction of new wording for non- financial loss claims and the requirement for all DRS’s to align their compensation amounts. Although these changes seem to have flown under the radar, there are potential risks to Financial Advice Providers and financial advisers as a result of the increased thresholds.
In this webinar, Andrew Gunn will explain the changes and some potential implications. Clinton Stanger will share his views on the possible impact on Professional Indemnity premiums and why. Michael Robertson will use some case studies to explain how the new rules could impact on disputes resolution outcomes and what this means for advisers.
The Speakers
Andrew Gunn has extensive experience in supporting members of the financial services sector. He recently developed the content for the Massey University Complaint Response and Management short course. Understanding the necessity for financial advisers to stay current with the regulatory framework and maintain best practices in complaint resolution and management, Andrew is well-equipped to provide relevant professional development. He has had 20 years of experience in vocation education governance, as a director of Skills Active Aotearoa.
Clinton Stanger has worked in the New Zealand fire and general insurance industry for the past 27 years, in both underwriting and adviser roles. Clinton is passionate about the advice industry and assisting his clients by providing clear advice. He thrives on opportunities to utilise his strong relationship skills and wide personal networks to create growth and opportunity for himself and his client’s businesses. He is Level 5 qualified to give advice in fire and general, a member of Financial Advice New Zealand, and has his Trusted Adviser designation.
Michael Robertson is one of New Zealand’s leading insurance lawyers and joins us to provide insights into the claims process and examples of how basic record keeping has contributed to a good outcome for the financial adviser. Michael specialises in professional indemnity, general liability and directors and officers insurance, with a particular expertise in claims against financial advisers. He acts in regulatory claims by the Commerce Commission and Financial Markets Authority. Michael has a master’s degree in Commercial Law with first class honours majoring in insurance. He frequently presents to professional groups, insurers and brokers and lectures in professional indemnity insurance at University of Auckland. Michael is also an associate of the Arbitrators and Mediators Institute of New Zealand.
Members: Complimentary. Non-members: $50 + gst