With the Financial Services Legislation Amendment Act (FSLAA) coming into effect on March 15, Crombie Lockwood chief broking officer Mark Jones (pictured) has welcomed the changes the law will bring to the New Zealand insurance industry.

In a news release, Jones said the FSLAA is a positive development designed to raise the performance and professionalism of the insurance sector.

“It’s no secret the insurance industry has struggled with consumer trust and a general degree of scepticism,” he said. “We’re optimistic the new legislation will help by increasing transparency and delivering greater reassurance to clients.”

Jones noted that while there was initial hesitancy in the company around the FSLAA, these concerns were alleviated and its benefits came to light.

“Strong processes, accountability and heightened competency are fundamental to success and that’s what underpins this new regime,” he said.

To comply with the incoming FSLAA, Crombie Lockwood has formalised its client care principles to ensure a consistent client experience, reinforced its client service expectations and bolstered client-first thinking.

With FSLAA requiring at least Level 5 qualification for brokers, Jones observed that Crombie Lockwood’s brokers who have yet to achieve this certification have been working hard to achieve it.

“There’s been a strong willingness to learn and it’s been particularly pleasing to see the speed at which our brokers who didn’t already have the Level 5 qualification have forged ahead to achieve it,” he said.

“We’ve long taken pride in providing the highest standard of service we can to our clients, it’s embodied in our company mission and company values, and our client satisfaction measures tell us we’re already doing a good job. Meeting our FSLAA regulatory obligations will further demonstrate our client commitment.”