Chatswood serves the life and health insurance sector in New Zealand with market intelligence, data, and bespoke consulting services. Some of these are provided in conjunction with Quality Product Research Limited - a subsidiary that brings you Quotemonster.
We believe that good decisions are more likely to occur when we have good information about the market environment in which we operate. Intuitive leaps and creative decisions are always required, of course, but the more they are based on a firm foundation of observation, the better they tend to be.
FMA cancel FAP licence – advice process, record-keeping, disclosures, and evidence of suitability all factors
The Financial Markets Authority (FMA) has cancelled Filcare Services Limited’s (Filcare) Financial Advice Provider licence, at its request.
Filcare held a full financial advice provider licence, and they provided financial advice to approximately 1,800 retail clients, many of whom were migrant workers from the Filipino community. Its cancellation follows the termination of its distribution agreement with Fidelity Life Assurance Company Limited and AIA New Zealand Limited and the FMA’s inquiry into its affairs.
Filcare were found to have contravened its licence obligations by failing to:
keep adequate records in relation to advice given to its clients,
ensure its clients understood the financial advice they received,
exercise care diligence and skill when providing financial advice to its clients,
provide adequate disclosures relating to advice, and
demonstrate that recommendations made to clients were suitable.
From our perspective, that appears to indicate failures in a wide range of areas of the advice process. As a comparison business we are particularly concerned with the areas of care, diligence, and skill, and demonstrating suitability – which we help more than 1,100 advisers with.
FMA’s Head of Perimeter and Response Helena Lewis said
“…we observed that clients did not receive adequate nature and scope disclosures and were therefore unable to make an informed decision about whether to seek, obtain, or act on the advice.
We also found that Filcare advisers failed to demonstrate that the recommendations made to clients were suitable. As an example, for a vast majority of clients, the documentation on file lacked the requisite detail to clearly show how the selected levels of cover were determined, and that the recommendation matched the risk tolerance, financial situation, and needs and goals of the client.
In files concerning replacement advice, there was no evidence that clients were informed of the potential risks of replacing existing policies, such as losing benefits they might have otherwise received under original policies, or the likelihood of exclusions or limitations associated with changes in health, lifestyle, or occupation that have occurred since the original policy has been taken out.”
Filcare clients with concerns are able to complain to Financial Services Complaints Limited.
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KiwiSaver changes are now in place
Changes to KiwiSaver have come into effect from 1 July. These changes are now live on Kiwimonster, and will be reflected in all the numbers you crunch.
Changes to KiwiSaver have come into effect from 1 July. These changes are now live on Kiwimonster, and will be reflected in all the numbers you crunch.
Government contribution has been halved. Previously, for every $1 a KiwiSaver member contributes (up to a maximum of $1046.86) in a year, the Government put in 50c. The government contribution rate has now been halved to 25c for every $1 contributed, up to a maximum of $260.72 annually.
High income earners no longer qualify for Government contribution. The Government contribution has been removed for KiwiSaver members with a taxable income over $180,000 per annum.
KiwiSaver eligibility extended to 16- and 17-year-olds. The Government contribution and employer matching is now available to 16- and 17-year-olds in the workforce.
From next year, default contribution rates increasing. The default KiwiSaver employee and employer contribution rate will be moving from 3% of salary and wages to 3.5% on 1 April 2026, then to 4% on 1 April 2028. Employees will be able to opt to contribute at a lower 3% rate and have that lower rate matched by their employer. Contributions will be reset to the default rate after 12 months, but employees can choose to reselect the lower rate again.
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FSC appoint Aimie Hines as General Manager Advocacy
Hon. Heather Roy leaves role as Financial Advice NZ’s Independent Chair
DLA Piper oppose warrantless without-notice FMA inspections
May was one of Fidelity Life's busiest months on record
Ramp Up FinTech Expo 2025 is on 25 July in Auckland
BNZ offer financial assistance to customers affected by severe weather events
TSB Bank delivered a $57.6 million profit in the year ended 31 March 2025
New digital platform to help women detect breast cancer earlier launches
Legal and regulatory update for the life and health insurance sector
Minister of Commerce and Consumer Affairs April 2025 diary released; former financial adviser pleads guilty to charges of theft by a person in a special relationship; the Depositor Compensation Scheme is now in effect.
27 Jun 2025 - Minister of Commerce and Consumer Affairs, Hon Scott Simpson, April 2025 diary released with the following potential financial services sector related meeting noted:
1 May 2025 – ZOOM: MBIE Officials (MBIE officials)
5 May 2025 – MEET: FMA (Craig Stobo, Adrienne Meikle)
6 May 2025 – MEET: Insurance and Financial Service (Karen Stevens and Sue Suckling)
6 May 2025 – MEET: ACC Officials (ACC, Treasury, MBIE Officials)
7 May 2025 - MEET: MBIE Officials (MBIE Officials )
8 May 2025 – MEET: Commerce Commission (Commerce Commission)
13 May 2025 – MEET: MBIE Officials (MBIE Officials )
13 May 2025 -MEET: ACC Officials (ACC, Treasury, MBIE Officials)
14 May 2025 – MEET: Financial Advice NZ CE (Nick Hakes and Heather Roy)
15 May 2025 – ZOOM: ACC Board Chair & CE (Tracey Batten & Megan Main)
15 May 2025 – MEET: Retirement Commissioner (Jane Wrightson)
19 May 2025 - MEET: ACC Officials (MBIE and Treasury Officials)
20 May 2025 – MEET: ACC Officials (ACC, Treasury, MBIE Officials)
21 May 2025 – MEET: MBIE Officials (MBIE Officials)
21 May 2025 – MEET: Australia Banking Association (Anna Bligh, Chris Taylor)
23 May 2025 – CALL: Chair of FMA (Craig Stobo)
27 May 2025 - MEET: Masterton Financial Community Event (invited guests)
29 May 2025 – ZOOM: ACC Board Chair (Tracey Batten)
30 May 2025 – MEET: ACC Board Chair (Tracey Batten)
30 May 2025 – ZOOM: ACC Culture Reviewers (Phillipa Muir, Doug Craig)
30 Jun 2025 - Murray McClune, a former financial adviser, has pleaded guilty to two charges of theft by a person in a special relationship (s 220(1) of the Crimes Act 1961), following an investigation by the FMA. https://www.fma.govt.nz/news/all-releases/media-releases/former-financial-adviser-pleads-guilty-to-charges-of-theft/
1 Jun 2025 - The Depositor Compensation Scheme came into effect today, protecting depositors for up to $100,000 in the unlikely event that their bank or other licensed deposit taker fails. https://www.rbnz.govt.nz/hub/news/2025/07/depositor-compensation-scheme-now-in-effect
New Zealanders continue to have a low uptake of personal insurance
New Zealander’s low uptake of insurance is in the news again, with Willie Moala listing some of the reasons why more New Zealanders don’t have personal insurance.
New Zealander’s low uptake of insurance is in the news again, with Advice First’s Willie Moala listing some of the reasons why more New Zealanders don’t have personal insurance. Moala considers the kiwi ‘she’ll be right’ attitude, a distrust of insurance companies, price, and the mistaken belief that ACC will cover people in more instances than it actually does, all lead to people failing to get adequate insurance cover.
Last year the Financial Services Council’s Money & You: Managing Risk Through Challenging Times research found that only 41% of respondents had life insurance, 39% had health/medical insurance, 23% had trauma/critical illness insurance and18% had total and permanent disability insurance.
With the Government’s announcement that financial education will be embedded in the curriculum for Year 1 – 10 students, starting from next year, we can only hope this will help change attitudes around the importance of insurance, and in the longer-term help improve NZ’s underinvestment in insurance.
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Steve Wright argues that clients with ‘new’ health issues may still be better off with a different policy
Steve Wright argues that simply staying with an existing health insurer when a client has ‘new’ health issues, isn’t always the best advice.
Good Returns has an article where Steve Wright argues that simply staying with an existing health insurer when a client has ‘new’ health issues, isn’t always the best advice. He gives the example of a client with a current policy that doesn’t provide particular benefits (such as treatments not funded by Pharmac), which is effectively an exclusion on their policy. While the new health issues may not be covered, the client may still be better off switching to a reasonable alternative policy that includes other benefits the clients existing policy may effectively exclude them from.
We’d love to hear if you’ve got some examples like this you’d like to share.
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Financial Advice NZ’s lunch with the Hon. Scott Simpson: A KiwiSaver Symposium is on 11 July
Policy holder claimed Southern Cross' treatment of menopause was discriminatory
Claire Sutton speaks about Asteron Life's company of the year awards
The Government will introduce legislation to ensure the health system is more accountable
Natalie McMurtry announced as Pharmac’s new Chief Executive, effective 15 September
Munich Re assess the potential of anti-obesity medications to reverse upwards obesity trends and improve health outcomes
With obesity expected to continue to trend upwards worldwide, Munich Re’s Life Science Report 2025 looks the impact of anti-obesity medications on mortality and morbidity.
Munich Re’s Life Science Report 2025 looks at obesity and the impact of anti-obesity medications on mortality and morbidity. Obesity is expected to continue to trend upward worldwide, with projections that more than half of the global population will be overweight or obese by 2035. Obesity is associated with a range of adverse health risks, and corresponding higher mortality and morbidity.
In the past decade, a range of injectable glucagon-like peptide-1 (GLP-1) receptor agonists drugs (such as Ozempic or Wegovy), initially approved for type 2 diabetes mellitus management, have been shown to be effective in weight loss and approved for use to manage obesity. Given their popularity (and profitability), many more medications in this class are being researched and aim to be bought to market, including an oral version and a longer-acting monthly injectable. If these weight-loss drugs can stop or reverse increasing obesity rates, the ramifications to mortality and morbidity could be huge, with corresponding impacts on life, disability and critical illness insurance products.
Medical literature continues to highlight added benefits the new generation of weight loss drugs may have on many other medical conditions, from cardiovascular disease to obstructive sleep apnoea and certain neurological diseases.
Key to weight loss effectiveness is anti-obesity medications being taken in conjunction with lifestyle counselling about nutrition and exercise. Products like AIA’s Vitality programme could be key to help steer users of these medications towards better health outcomes.
Munich Re analyse a hypothetical US scenario to quantify the potential impact these medications could have on insurance portfolios. They make several assumptions, and choose a long-term horizon. Their final projection is a 21% mortality reduction for non-severely obese individuals, and a 40% morality reduction for severely obese individuals over the next 10 – 20 years. Munich Re highlight that insurers need dedicated, knowledgeable medical teams to address these findings with regards to potential insurance impacts.
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Katie Wesney excited by opportunities AI offers advisers
Financial Advice NZ are looking for an Independent Director
Financial Advice NZ webinar 'New Zealand Long Term Equity Returns And Their Determinants' 30 July
Westpac have partnered with local open banking intermediary Akahu
New Head of Strategic Accounts at AIA
AIA has appointed Jonathan Beale as Head of Strategic Accounts, a newly established role within its Distribution leadership team.
AIA has appointed Jonathan Beale as Head of Strategic Accounts, a newly established role within its Distribution leadership team. Beale will lead the Strategic Accounts channel, driving innovation, growth and alignment with AIA’s broader distribution strategy.
Angela Busby, AIA NZ Chief Distribution Officer, said
“Jonathan’s appointment reflects our commitment to advisers and to the growth and value of our strategic partnerships. I’m confident that Jonathan’s proven track record and innovative mindset will make him a fantastic addition to the team.”
Jonathan Beale, Head of Strategic Accounts
Fidelity Life welcomes record number of advisers to Career Connect programme
Fidelity Life has announced the fourth intake of its adviser programme, Career connect, for new advisers and the recipients of their eight scholarships.
Fidelity Life has announced the fourth intake of its adviser programme, Career connect, for new advisers. This year sees the programme expand to welcome its largest cohort to date - 30 emerging advisers. The company will also soon invite adviser businesses to join the Career connect registry; to signal their interest in offering work experience opportunities to newly qualified financial advisers.
Submissions this year attracted greater diversity, , with 56% of applicants under the age of 35, 62% coming from female applicants and just under 30 ethnicities represented across the more than 70 applicants.
The Career connect programme awarded eight scholarships this year, up from seven last year, with each valued at up to $5,000. The recipients of the 2025 Career connect scholarships are:
Grace Leaso, Auckland - Kōwhai scholarship (for an outstanding Pasifika applicant)
Grace Shearer, Hastings - Toe Toe scholarship (for an outstanding young applicant aged 21-25)
Jada Mandery, Auckland - Women in Finance scholarship (supported by Kaplan Professional)
Marcel Stenning, Auckland - Pāua scholarship (for outstanding applicant demonstrating excellence)
Michelle Andrews, Auckland - Women in Finance scholarship (supported by Kaplan Professional)
Milly Elworthy, Mosgiel – Rural scholarship (supported by FMG)
Olivera Vasic-Wooller, Auckland - Rāngi Po scholarship (for an underrepresented community in financial services)
TK Buchanan, Christchurch - Pounamu scholarship (for an outstanding Māori applicant)
Fidelity Life Head of Solutions Michelle Doyle said
“By taking part, advice businesses play a vital role in mentoring fresh talent… It helps new advisers gain industry experience and build confidence as they transition into the profession.”
The 2025 cohort of 30 will start their journey this week. Over the next six months, they’ll take on part-time study to earn their Level 5 qualification through Kaplan Professional. Fidelity Life will host a graduation ceremony early next year to celebrate their accomplishments.
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Introduction to Kiwimonster webinar 12pm 26 May
Katrina Shanks and Kris Faafoi recognised on the Hot List 2025
Link Financial Group NZ appoints Anton Wicken new compliance manager
The banking industry welcomes the first reading of CCCFA amendment bill
New Zealanders will soon be able to receive 12-month prescriptions for their medicines
AIA announce four new national sales manager appointments
AIA has made four new appointments within their Distribution team.
Aaron Gilmore has been appointed National Sales Manager, Retail. Gilmore has been with AIA since 2023 and has been an AIA Vitality Coach and Northern Region Manger, Business Development.
Carley Ellis has been appointed National Sales Manager, Aligned Advice. Ellis has 20 years of experience in New Zealand’s financial services industry and has a proven track record in business development, financial advice, and leadership.
Sarah Hepper has been appointed National Sales Manager, Corporate Solutions. Hepper has over 25 years of experience in the insurance industry, and has spent the past 15 years contributing to the growth of Corporate Solutions at AIA NZ
Nick Russell has been appointed as National Sales Manager, Home Loans. Russell has extensive experience working alongside home loan advisers.
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AIA Trauma Buy-back Enhancement
nib's Amanda Savill unpacks changes in how advisers support their clients
Government announces changes to KiwiSaver
The FSC welcomes decision to increase default KiwiSaver contribution rate
Financial Advice NZ webinar 'Data-Informed Decisions for Private Health Insurance' 28 May
FSC Investment and KiwiSaver Committee meeting on 3 June
Michelle Russell and Tim Horgan step into permanent leadership roles at ANZ
Southern Cross Health Trust funds starter pack for nursing students
Medical premiums keep on rising – Jon-Paul Hale takes a look at why
Jon-Paul Hale has taken a look at the pressures that have resulted in sharp increases in medical premiums this year.
Jon-Paul Hale has taken a look at the pressures that have resulted in sharp increases in medical premiums this year. From more claims leading to additional people and resources needing to be hired by insurance companies to the flight of clinicians overseas and training on new technologies and tools, there seems to be a perfect storm leading to the hikes. Hale compares premiums in NZ to those in Australia, and despite the recent increases, we’re still looking affordable in comparison. Hale also ponders what would help stabilise premiums, giving a few examples. It mostly comes down to spreading the cost across a wider pool of people. A good article, one we’d recommend you check out.
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Chubb Life's Essential Underwriting Guide is now available
nib produce Warrant of Wellness guide
Nominations open for Chubb Life Support Person of the Year award
mySolutions webinar 'Leo Moloney-Geany from Minitech - using AI in your business' 28 May
Apex Advice announce a new partnership with the Evidential KiwiSaver Scheme
Financial Advice NZ's Community of Practice: Hamilton event is on 2 July
Westpac announce they won't charge fintechs for standard API calls
FinTechNZ roundtable 'Digital payments for all: Exploring innovative solutions to improve access to basic transaction services' 3 June