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Wellington Regional Meeting – Conduct & Culture Report – Q&A with FMA

Name: Wellington Regional Meeting – Conduct & Culture Report – Q&A with FMA
Start: 2019-05-22T09:30:00+12:00
End: 2019-05-22T12:00:00+12:00
Location: The Conference Centre

May 22, 2019 @ 9:30 am - 12:00 pm NZST

Off the back of the Reserve Bank and FMA Conduct & Culture report, the public discussions and media criticism appear to be more adviser-focused than insurer focused. This may be because Life Insurers have until May to respond to their individual letters from the FMA. Some have been proactive about engaging in the Licensing process, with other plans yet to be revealed. The question remains – are there blurred lines between adviser responsibilities and insurer accountability in the Conduct & Culture Report?The Wellington Regional Committee felt it was timely for an open discussion directly between advisers and the FMA about some of the ramifications of the report.

For example (and without limitation):

Is there still a clear regulatory line between advisers being responsible for their advice and providers being accountable for how their product is distributed?
Is there a clear duty of care between advisers assessing their client portfolios and ensuring gaps in cover are identified and addressed; or is this now equally the responsibility of the providers who have a much broader perspective of how their products are being applied across market segments?
Does the FMA foresee the Life Insurers, FSC and Associations drafting a future remuneration framework as a collaborative solution; or will incentives and remuneration likely be driven by market competition?
The committee welcomes the submission of questions ahead of this event to jane@assura.co.nz (with these given priority on the day).

Please download and read the Report (even in its entirety it’s not a difficult read) and take a moment to mull over the issues raised and questions it generates. The hyperlink is http://www.fma.govt.nz/assets/Reports/_versions/12147/Life-Insurer-Conduct-and-Culture-2019.1.pdf

Venue

The Conference Centre, Level 4, St John House, 114 The Terrace, Wellington

Presenters

John Botica Director Market Engagement, and Derek Grantham Principal Consultant FMA, Katrina Shanks CEO Financial Advice New Zealand

Agenda

9.30am Coffee (sponsored by FMG whose General Counsel may be in attendance)

10.00am Katrina Shanks CEO Financial Advice NZ Introduction

10.15am FMA presentation – John Botica

11.00-11.15am Q&A time – facilitated by Jane Eschenbach

12.00pm noon Finish

Click here to register

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