NZ ADVISER

Top Discussions

• Partners Life blames brokers’ morals for poor customer outcomes

  I still don't see why there's is no compulsory disclosure of commission payments as yet?Nothing sorts out behaviour quicker than complete transparency. Until the NZ insurance sectors grows up and makes disclosure a legal requirement, the consumer will continue to be misled by brokers upselling new products for 200 % plus.

  Shame on Rob Everett, he should step down immediately for unprofessional conduct. It is unethical and immoral to take an un-representative sample and broad brush stroke an entire industry. He must step aside immediately. Naomi, thanks for pointing out that a few bad apples should be be the tail the wags the FMA dog (excuse the jumble metaphors).

• Asteron Life offers solution for broker conflict of interest

  If you take in account the ratings described in QPR Researchers ratings, or IRESS or any of the rating houses, then replacing most banks insurance with mainstream insurance has improved customer outcomes by virtue of the likelihood of getting a claim, and probably an introduction to being underwritten. Is the converse true?, in which case I welcome the FMA review into banking insurance sales practice. Should be interesting to see if they exercise the same rigour, although I have a feeling it will all be "training deficiencies" to blame, and not the banks KPIs and incentives, whether they be performance based or whatever. Perhaps they might ask the question of how much money did banks make out of insurance sales???

  while the focus is on inappropriate replacement business and adviser behavior, the discussion could be extended to when advisers do not replace business when in fact they should do , due to the inability of what constitutes good client outcomes and pressure that could be exerted by various entities , it feels like all replacement business is now tarred as inappropriate. it would be useful to hear positive stories, where existing policies have been replaced and a successful claim has eventuated , whether or not that claim would have been covered by the original insurer. Equally useful is to hear from Advisers who have not routinely replaced business and they also have had positive claims outcomes . start a positive news revolution .