FSC to engage constructively with regulators amid misconduct concerns

We are taking issues arising from the Australian Royal Commission very seriously, it says
FSC to engage constructively with regulators amid misconduct concerns
INSURANCE NEWS
By Krizzel Canlas
26 May 2018

The Financial Services Council, which represents investment and life insurance companies in New Zealand, has welcomed the conduct letter from the Financial Markets Authority (FMA) and the Reserve Bank of New Zealand (RBNZ), saying it will engage in a transparent and constructive manner in providing the requested information.

On May 24, the FMA and the RBNZ sent a letter to chief executives of licensed life insurers asking them to prove that misconduct of the type recently raised in Australia is not taking place in the country.

“Like the FMA and the RBNZ we take the issues arising from the Royal Commission in Australia very seriously and are committed to working closely with them to demonstrate that consumers can have confidence in the New Zealand financial services industry,” FSC chief executive officer Richard Klipin said.

Earlier in May, the FSC board had a “positive meeting” with the regulators discussing the views pertaining to life insurance providers. The council said it looks forward to having an open conversation about conduct in the sector and the steps it is taking to ensure that customer’s best interest always come first.

“We will provide a full and comprehensive response to the letter shortly and will engage with the regulators throughout this process,” Klipin added.

 

 

Related stories:

Aussie revelations push FMA, RBNZ to launch inquiry into life insurers

Insurers must review remuneration practices, says FSC

 

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