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):

1. Is there still a clear regulatory line between advisers being responsible for their advice and providers being accountable for how their product is distributed?

2. 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?

3. 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?

4. The committee welcomes the submission of questions ahead of this event to [email protected] (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

Learning Outcomes

• Clarity on the regulator’s expectations between adviser responsibilities v the Insurers’ conduct and culture responsibilities

• Consider whether any practices, processes or business planning around remuneration structures need to be reviewed.

• Better understand the possible governance/oversight role that insurers might have in their businesses in future.

  CPD – One structured hour Compliance

• Cost – free to Members, this event is for Members only – strictly limited to the first 50 registered (venue size is limited) Please sign in and register below.