Legal and regulatory update for the life and health insurance sector

4 Jul 2025 - Dr John Small has been reappointed as Chair of the Commerce Commission. Associate member Stephen Ridgeway’s cross-appointment to the Commission has been renewed. https://www.mbie.govt.nz/about/news/commerce-commission-chair-reappointed

6 July 2025 - The FMA is requesting a litigation funding boost from MBIE, with forecast litigation expenditure for 2025/26 expected to exceed the annual litigation funding appropriation of $5 million. https://investmentnews.co.nz/investment-news/fma-pleads-with-mbie-for-more-legal-aid/

8 July 2025 - The FMA is holding a series of Financial Advice Provider forums. https://www.eventbrite.com/cc/fap-forum-series-4328483

8 July 2025 - The FMA has confirmed the terms of reference that they first published in April on their review of access to financial advice. https://www.fma.govt.nz/business/focus-areas/consultation/review-of-access-to-financial-advice-for-nz-proposed-terms-of-reference/

8 July 2025 - In a FMA case study, the FMA observed a small Class 2 financial advice provider using client relationship managers in the advice process for insurance conversations, where the relationship manager – who is not an adviser – completed the majority of the advice process steps. The FMA reminds advisers that only those meeting the competency requirements set out in the Code of Professional Conduct for Financial Advice Services are permitted to give regulated financial advice. https://financialmarketsauthority.cmail19.com/t/r-e-thkhtull-udkykjihyu-s/