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.
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.
More news:
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
Asteron Life announce enhancements across Personal and Business Insurance
Asteron Life has announced a suite of enhancements across their Personal and Business Insurance products.
Asteron Life has announced a suite of enhancements across their Personal and Business Insurance products. All enhancements apply to in-force policies issued after August 2004 and will apply to claimable events from 5 June 2025.
Some of the key enhancements include:
New support benefits. An example is the new Family Member Accommodation & Transport Benefit which offers up to $300/day for accommodation and $2,500 in travel expenses reimbursed to support a family member during treatment.
Life Cover with accelerated Trauma Recovery Cover conversion benefit
Updated definition for major organ transplant, including widening the scope of eligible procedures.
Updated definition for diabetes, including reducing the threshold for claims from two complications to one.
New Rehabilitation and retraining Benefit for Business Insurance customers - increased support of return-to-work efforts by reimbursing rehabilitation and retraining costs.
Increased flexibility to increase cover in line with life or business changes that happen to customers.
More news:
FSC's Empower & Elevate Women in Finance Leadership series, Session 3: Male Allyship is on 22 July
The FMA has said the CoFI regime “is essential” for it
Russell Hutchinson writes of Australians longevity and some of the reasons for it
mySolutions webinar 'Booster - How to give KiwiSaver advice efficiently' is on 11 June
Kiwibank won't charge third parties for standard API requests
Gallagher named Official Insurance Broker for the All Blacks, Black Ferns
NZ consumer confidence dropped in May, with the ANZ-Roy Morgan index falling 5.3 points
Fidelity Life’s customer engagement initiative is back
Fidelity Life have announced details of their Customer Engagement Initiative 2025.
Fidelity Life have announced details of their Customer Engagement Initiative 2025. The programme is designed to recognise advisers for exceptional customer outcomes based on Net Promoter Score (NPS) surveys.
The campaign runs between 1 May and 31 October 2025. The top 45 qualifying advisers will be invited to an exclusive professional development focused forum. While the location of the forum hasn’t been released yet, it will take place in early 2026 and will be hosted by the Fidelity Life leadership team and business managers. Last year, the top 30 advisers attended the forum at Kauri Cliffs in Northland.
The forum will include a range of professional development sessions and deep dive business sessions, and Fidelity Life will share new customer insights from survey results. Attendees will receive a certificate of completion, which can be used as evidence of ongoing professional development.
To qualify, advisers need:
A minimum of 5 survey responses submitted during the programme period
A positive Net promoter score
This year, Fidelity Life have developed personal dashboards, which detail and advisers survey submissions and current overall score.
More news:
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.
More news:
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
Legal and regulatory update for the life and health insurance sector
The FMA release #4 of Jess Learns to Invest podcast; FMA announce the six fintech firms will be taking part in the pilot regulatory sandbox; first edition of FMA Financial Advisers Update released; FMA publish a Consumer Confidence Factsheet; FMA release ‘5 mins with the FMA’ podcast #13; Office of the Privacy Commissioner seeks feedback on Privacy Amendment Bill (IPP3A) draft guidance; RBNZ research investigates why the ‘natural interest rate’ has fallen in NZ.
29 Apr 2025 - The FMA release Jess Learns to Invest Episode 4 | Market Volatility and Your Investments with Brad Olsen. https://www.fma.govt.nz/library/podcast/jess-learns-to-invest-episode-4/
29 Apr 2025 - The FMA has announced the six fintech firms who will be testing their innovative products, services or business models in the FMA’s pilot regulatory sandbox.
The successful fintech firms are:
• ECDD Holdings Limited - part of the exchange service Easy Crypto) intends to launch a yield bearing NZD-backed stablecoin and to generate revenue from interest earned on money held on trust in interest-bearing accounts.
• Emerge Group Limited - intending on offering a digital-first business banking alternative for small and medium-sized enterprises (SMEs).
• Homeshare - which appears to be an investment company aiming to assist period with home sharing schemes.
• IndigiShare - with aims to offer a koha-loan platform designed to break down barriers to entry for indigenous businesses and provide funding for Māori entrepreneurs, startups, and SMEs, especially those with a strong social impact
• Invest in Farming Co-op - with intention to offer individuals a way to invest in agricultural businesses directly from their smartphones.
• Tandym Limited - currently offers full-service solutions for recruitment and workforce development and management, connecting businesses with top talent, we are unsure what their interest in financial services.
https://www.fma.govt.nz/news/all-releases/media-releases/fintech-sandbox-participants/
29 Apr 2025 - The FMA has published the first edition of FMA Financial Advisers Update. https://createsend.com/t/r-B06F256588858C182540EF23F30FEDED
29 Apr 2025 - The FMA have published a Consumer Confidence Factsheet. The results of the Consumer Confidence Survey indicate that that Māori and women are less likely like to feel confident in NZ's financial markets, and less likely to feel confident our financial markets are effectively regulated. The results indicate that Māori and women are less likely like to have health or life Insurance, but Māori are more likely to have funeral Insurance. https://www.fma.govt.nz/library/research/consumer-confidence-factsheet-2025/
29 Apr 2025 - The FMA release ‘5 mins with the FMA’ podcast #13: Consumer Confidence Survey. https://www.fma.govt.nz/library/podcast/5-mins-with-the-fma-podcast-13/
30 Apr 2025 - The Office of the Privacy Commissioner is asking for feedback on Privacy Amendment Bill (IPP3A) draft guidance. Feedback can be submitted between 30 April - 25 June 2025. https://www.privacy.org.nz/news/haveyoursay/
1 May 2025 - The RBNZ has released research which investigates why the ‘natural interest rate’ has fallen in New Zealand over recent decades. https://www.rbnz.govt.nz/hub/news/2025/05/research-investigates-why-the-natural-interest-rate-has-fallen-in-new-zealand-over-recent-decades
Privacy Week 2025 is coming up
Privacy week runs from 12 - 16 May, and features a range of free webinars that promote privacy awareness.
Privacy Week 2025 runs from 12 – 16 May, with this year’s theme being Privacy on Purpose. You can register for a range of free webinars which span the gamut from AI and Privacy to Māori data privacy.
The timetable of webinars is below.
More news:
Partners Life webinar 'FMA monitoring visit, getting ready to be ready' 8 May
Fidelity Life update Working together guide
FSC members can attend a FMA Special Interest Group Networking Event 7 May
Financial Advice NZ webinar 'Making a Difference: Stories of Impact and Innovation' 30 April
Fintech Festival is on 30 April 2025
Digital Trust Hui Taumata is on 12 August
New Zealand’s annual inflation rose slightly to 2.5% in the March quarter
Naomi Ballantyne honoured with Lifetime Achievement Award
Naomi Ballantyne, chair of The Adviser Platform, was honoured with the Lifetime Achievement Award at the Financial Advice New Zealand Conference.
Naomi Ballantyne, chair of The Adviser Platform (TAP), was honoured with the Lifetime Achievement Award at the Financial Advice New Zealand (FANZ) Conference.
“Her commitment to making financial advice accessible to more New Zealanders is evident in her continued efforts towards driving the importance of advice and innovation…Her tireless advocacy for the importance of financial advice is sure to inspire the new generation of advisers, leaders and entrepreneurs to walk in the path she has carved.”
Naomi’s career in the life insurance industry spans more than 40 years and includes founding two insurance companies, advocating for making financial advice more accessible for all New Zealanders, and spearheading initiatives aimed at supporting advisers through technology-driven solutions.
At TAP, Naomi has worked on embedding fintech solutions to streamline compliance and administrative processes, freeing up members to have more time to focus on clients; shares her invaluable expertise through TAP’s Insider Insights series; leads initiatives designed to empower and inspire female advisers; and is a regular presence at TAP events and conferences.
Ballantyne will lead TAPs inaugural Women in Advice event being held in July in Auckland, a full day event to empower, connect, and inspire female advisers and staff within the TAP community.
More news:
Swiss Re to exit Australia life market, Hannover Life Re to take over portfolio
Medicines Amendment Bill passes first reading
WellSouth encourages NZers to include Advanced Care Plans in their personal planning portfolios
Legal and regulatory update for the life and health insurance sector
RBNZ Board is in the process of preparing a recommendation for the appointment of a Governor; FMA announce review of advice sector; FMA release regulatory returns snapshot; FMA publish Samantha Barrass’ speech; FMA release latest Jess Learns to Invest podcast; APRA accept Court Enforcable Undertaking from ANZ; Hon Scott Simpson’s March 2025 diary released; COFR held quarterly meeting; FMA publish fair conduct programme insights report; RBNZ welcome applications to ESAS under new criteria.
1 Apr 2025 - The RBNZ Board is in the process of preparing a recommendation for the appointment of a Governor for six months and will be sending it to the Minister soon. https://www.rbnz.govt.nz/hub/news/2025/04/process-for-the-appointment-of-a-governor-for-a-six-month-term
2 Apr 2025 - FMA announce a review of the advice sector to help drive better outcomes for industry and consumers. It will focus on four key themes, which are:
Consumer preferences and demographics
Industry business models
Digital advice and innovation
Ease of provision of financial advice
2 Apr 2025 - The FMA release a Regulatory Returns snapshot for 1 July 2023 – 30 June 2024. Key statistics (as of 30 June 2024)
1410 licensed financial advice providers submitted regulatory returns
8472 financial advisers compared to 9300 in 2021
Life and health insurance are the most common financial products advice is provided on
36 FAPs are providing digital advice and 86,500 retail clients received digital advice
97% of complaints received were settled within 3 months.
https://www.fma.govt.nz/library/reports-and-papers/financial-advice-providers-industry-snapshot/
2 Apr 2025 - The FMA publish Samantha Barrass' speech from the Financial Advice New Zealand Conference. https://www.fma.govt.nz/library/speeches-and-presentations/financial-advice-new-zealand-conference/
2 Apr 2025 - The FMA release Jess Learns to Invest Episode 3 | Understanding Managed Funds with Tom Hartmann. https://www.fma.govt.nz/library/podcast/jess-learns-to-invest-episode-3/
3 Apr 2025 - APRA has accepted a Court Enforceable Undertaking from Australia and New Zealand Banking Group (ANZ) to address ongoing weaknesses in the bank’s non-financial risk management practices and risk culture. https://www.apra.gov.au/news-and-publications/apra-accepts-court-enforceable-undertaking-from-anz-and-increases-capital-add
4 Apr 2025 - Minister of Commerce and Consumer Affairs, Hon Scott Simpson, March 2025 diary released with the following potential financial services sector related meeting noted:
6 Mar 2025 – MEET: Commerce Commission Chair and CE (Dr John Small, Adrienne Meikle)
10 Mar 2025 – MEET: NZ Banking Association CE (Roger Beaumont)
10 Mar 2025 – MEET: FMA Chair and Acting CE (Craig Stobo and Liam Mason)
10 Mar 2025 – MEET: Financial Services Stakeholders (Carl Blanchard & invited guests)
10 Mar 2025 - SPEAK: Financial Services Forum
11 Mar 2025 – SPEAK: Fintech Hui
13 Mar 2025 – MEET: Financial Ombudsman Reviewer (Nanette Moreau)
18 Mar 2025 -MEET: Financial Services Council CE (Kirk Hope)
18 Mar 2025 – MEET: ASB CEO (Vittoria Short, Louise Griffin)
19 Mar 2025 – MEET: FAMNZ (Leigh Hodgetts)
24 Mar 2025 – MEET: NZBA (Roger Beaumont and Dan Huggins)
25 Mar 2025 -MEET: CE of Westpac (Catherine McGrath)
26 Mar 2025 – MEET: Banking Ombudsman CE and Chair (Nicola Sladden and Miriam Dean)
26 Mar 2025 – MEET: Retirement Commissioner (Jane Wrightson)
27 Mar 2025 – MEET: FINCAP (Jake Lilley, Fleur Howard)
27 Mar 2025 – MEET: Financial Service Federation (Katie Rawlinson)
28 Mar 2025 – ATTEND: NZ Banking Assoc Council
31 Mar 2025 - MEET: Suncorp CEO (Jimmy Higgins)
4 Apr 2025 - The Council of Financial Regulators (CoFR) held its quarterly meeting on Monday 24 March 2025. The Council discussed the key external factors that could impact the financial system, noting in particular the rapid developments in artificial intelligence and ongoing geopolitical uncertainty. The Council reviewed developments in New Zealand’s payments system and noted the importance of upcoming developments like the passage of the Customer and Products Data Bill. https://www.cofr.govt.nz/news-and-publications/quarterly-statement-by-cofr-march-2025.html
4 Apr 2025 - The FMA have published their fair conduct programme insights report. https://www.fma.govt.nz/library/reports-and-papers/fair-conduct-programme-insights-report/
7 Apr 2025 - The RBNZ is welcoming applications to the Exchange Settlement Account System (ESAS) under new access criteria announced on 31 March 2025. https://www.rbnz.govt.nz/hub/news/2025/04/rbnz-welcomes-new-applications-to-the-exchange-settlement-account-system
Nominations for the Financial Advice New Zealand Awards open
The Financial Advice New Zealand Awards 2025 will be held at the National Adviser conference on Thursday 3 April, at the Te Pae Christchurch Convention Centre.
The Financial Advice New Zealand Awards 2025 will be held at the National Adviser conference on Thursday 3 April, at the Te Pae Christchurch Convention Centre. Nominations are open now, with submissions closing at 5pm on Friday 21 March.
The Financial Capability Advocate Award: presented to an individual or organisation that has made a significant effort to promote financial capability and education. The recipient of this award has played a crucial role in providing financial education to help others understand financial concepts and make informed decisions about their finances.
The Community Impact Award: recognition of an individual or organisation that has achieved excellent results in improving social and financial outcomes within a community.
The Lifetime Achievement Award: a prestigious honour given to an individual who has made a significant contribution throughout their career or lifetime to the financial services sector. It recognises their outstanding achievements, leadership, and selfless dedication to creating a positive impact on the financial advice profession.
More news:
Financial services institutions ranked among the worst for customer wait times
Health Minister outlines 5 key priorities for Health NZ
Deloitte release independent report ‘Financial Review of Health New Zealand’
Kym Maynard & Lindsey Reagan named as Insurance Business’ Elite Women 2025
ANZ customers make more than one million open banking payments
Changes on the horizon for Fidelity Life
Fidelity Life is set to release a suite of enhancements and programmes over the next couple of months.
Fidelity Life is set to release a suite of enhancements and programmes over the next couple of months. In a video featuring Campbell Mitchell, CEO and Bronwyn Kirwan, Chief Commercial Officer, Bronwyn mentions in a couple of weeks changes will be made to underwriting processes to make it easier for customers.
The invite-only Grow Together programme, which aims to provide market-leading support across key contact areas, with dedicated support resources, will be launching in February. More information will be released in the coming weeks.
Registrations are open for Group IQ, a quarterly digital communication with the latest industry news, and Group HQ, an annual onsite conference for the top 30 groups advisers offering tailored content, expert speakers and networking opportunities.
More news:
Survey of KiwiSaver members finds they’re open to increasing the minimum contribution rate
The FMA's 2025 fintech regulatory sandbox pilot is about to launch