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Insurance Business | 06 Jul 2018, 06:44 a.m. Agree 0
Instances mentioned involved touting and cross-selling of insurance products
  • | 06 Jul 2018, 11:46 a.m. Agree 0
    Remember the days when our clients "felt obliged" to cancel their House and Contents Insurance in favour of products offered by their bank, especially when taking out mortgages.
    Despite numerous complaints to the Commerce Commission the practice was upheld and vaunted as "good for competition"
    and explained as "cross selling".
    It would be good to see some redress in this area.

  • | 06 Jul 2018, 01:17 p.m. Agree 0
    It will be very interesting as to whether the new compliance regime places the same amount of responsibility on banks to consider & justify the customer needs or will the politicians bend the rules for the banks as they have done in the past. If you examine the overall insurance disputes figures then you will realize that travel insurance and banks make up a large proportion of complaints. The new compliance rules will be a good thing as long as it is a level playing field for all advisers including banks.
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