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.
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
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.
More news:
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
Legal and regulatory update for the life and health insurance sector
FMA operational budget increases; Minister of Commerce and Consumer Affairs April diary released; FMA release Good Cents: Kiwis on savings and debt research.
25 May 2025 - The FMA operational allocation rose from about $71.3 million in the previous fiscal year to almost $78 million for the 2025/26 budget period. https://investmentnews.co.nz/investment-news/fma-wins-6-7m-pay-rise-on-compliance-enforcement-upgrades/
28 May 2025 - Minister of Commerce and Consumer Affairs, Hon Scott Simpson, April 2025 diary released with the following potential financial services sector related meetings noted:
2 Apr 2025 – MEET: Kiwibank (Steve Juravich)
3 Apr 2025 – MEET: Financial Ombudsman (Susan Taylor, Jane Meares)
3 Apr 2025 – MEET: Commerce Commission Review Panel (Paula Rebstock,Allan Fels, David Hunt)
3 Apr 2025 – MEET: Chair of ACC Board (Dr Tracey Batten)
7 Apr 2025 - ATTEND: Financial Services Council Roundtable (invited guests)
8 Apr 2025 – MEET: ACC Board (ACC Board)
10 Apr 2025 – MEET: FMA (Samantha Barrass)
14 Apr 2025 -MEET: Commerce Commission (Commerce Commission)
15 Apr 2025 – MEET: ACC Officials (ACC, MBIE, Treasury Officials)
15 Apr 2025 – MEET: MBIE Officials (MBIE Officials)
17 Apr 2025 – MEET: Chair & CE of ACC (Dr Tracey Batten & Megan Main)
23 Apr 2025 -MEET: MBIE Officials (MBIE Officials)
29 Apr 2025 – SPEAK: Financial Services Leaders Roundtable (Invited Guests)
29 Apr 2025 – MEET: ACC Board Chair (Dr Tracey Batten)
30 Apr 2025 – MEET: AIA (Nick Stanhope)
29 May 2025 - The FMA releases Good Cents: Kiwis on savings and debt research, which looks into New Zealanders' attitudes and behaviours towards savings, debt reduction, and financial guidance. https://www.fma.govt.nz/news/all-releases/media-releases/good-cents-kiwis-on-savings-and-debt-research/
Legal and regulatory update for the life and health insurance sector
RBNZ publish Paul Conway speech; APRA release Life Insurance Claims and Disputes Statistics publication; RBNZ Five Year Funding Agreement published; ASIC to launch a new digital portal for licensing; The Takeovers Panel publish Regulatory Alignment and Deal Protection Devices.
15 Apr 2025 - RBNZ publish Chief Economist Paul Conway speech 'Forecasting: (conditionally) charting the path forward'. https://www.rbnz.govt.nz/hub/news/2025/04/forecasting-conditionally-charting-the-path-forward
15 Apr 2025 - APRA has released its Life Insurance Claims and Disputes Statistics publication, covering a rolling 12-month period from 1 January 2024 to 31 December 2024. https://www.apra.gov.au/news-and-publications/apra-and-asic-publish-latest-data-on-life-insurance-claims-and-disputes-10
16 Apr 2025 - The Minister of Finance has published the RBNZ Five Year Funding Agreement (FYFA). The FYFA sets the RBNZ’s core operating expenditure from 1 July 2025 through to 31 June 2030. The FYFA has been set at $750m, with some elements of RBNZ’s spending excluded from the agreement. https://www.rbnz.govt.nz/hub/news/2025/04/rbnz-five-year-funding-agreement
16 Apr 2025 - ASIC is launching a new digital portal for licensing on 5 May 2025 to apply for, vary and cancel an Australian financial services (AFS) licence. https://asic.gov.au/about-asic/news-centre/news-items/asic-to-launch-new-portal-for-australian-financial-services-licensees/
16 Apr 2025 - The Takeovers Panel publish Regulatory Alignment and Deal Protection Devices, recommendations that have been made to the Minister of Commerce and Consumer Affairs. https://www.takeovers.govt.nz/assets/LawReform/Recommendations/Revised-Recommendations-to-Minister-March-2025.pdf
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
Steve Wright on potential implications of government’s plan to use private health care facilities for public health treatments
Good Returns has an interesting article by Steve Wright considering some of the implications of what may happen if the government goes ahead with their reported plan to consider using private health care facilities to reduce elective surgery waiting lists.
Good Returns has an interesting article by Steve Wright considering some of the implications of what may happen if the government goes ahead with their reported plan to consider using private health care facilities to reduce elective surgery waiting lists. Aside from the obvious benefits of kiwis on public health waiting lists potentially getting treated quicker, Wright considers some potential downsides, from reduced pressure to improve public sector capacity, to the private sector becoming overwhelmed or people ditching their health insurance and the private sectors viability coming into question.
We think these risks are low, given the scale of the intervention proposed by Minister Brown – just $50m to be spent between March and the end of June. For context, ACC will purchase around $500m in surgery in the 2023/24 year, and the total New Zealand Health budget is circa $16.6 billion. For an individual who gets a needed surgery a little faster, we are delighted, but this intervention is unlikely to make a big impact.
More news:
Partners Life new training module ‘Fair Treatment of Customers’
Fidelity Life offers drought-affected Taranaki customers premium relief
The FMA is on track to approve 77 licence applications under CoFI regime
Finance Minister Nicola Willis is reassessing the capital held by banks
Legal and regulatory update for the life and health insurance sector
Hon Scott Simpson appointed Minister of ACC and Minister of Commerce and Consumer Affairs; APRA to consult on captial settings for annuity products; from 31 March, banks, insurers and non-bank deposit takers need to be licensed to continue providing relevant services to consumers in New Zealand; FMA to publish question set and key themes on financial institutions regulatory returns; APRA release quarterly insurance statistics for December 2024; RBNZ to commence quarterly publication of the new Business Expectations Survey in mid-May.
24 Feb 2025 - Hon Scott Simpson appointed Minister of ACC and Minister of Commerce and Consumer Affairs. https://www.beehive.govt.nz/minister/hon-scott-simpson
27 Feb 2025 - The Australian Prudential Regulation Authority has confirmed it will proceed with a public consultation on capital settings for annuity products. This aligns with APRA’s goal to support life insurers to increase the availability of retirement products for retirees, as outlined in its Corporate Plan 2024-25. https://www.apra.gov.au/news-and-publications/apra-confirms-consultation-on-changes-to-capital-requirements-for-annuity
27 Feb 2025 - From 31 March 2025, the Financial Markets (Conduct of Institutions) Amendment Act (CoFI) requires banks, insurers and non-bank deposit takers to be licensed to continue providing relevant services to consumers in New Zealand. https://financialmarketsauthority.createsend.com/campaigns/reports/viewCampaign.aspx?d=r&c=79CE1F6CD0C81FF2&ID=72C2272F1CE40B142540EF23F30FEDED&temp=False&tx=0&source=Report
27 Feb 2025 - The FMA will be publishing the financial institutions regulatory returns final question set along with a Summary of Key Themes, including the submissions received from the consultation, and a Regulatory Impact Statement, by end of March 2025. https://financialmarketsauthority.createsend.com/campaigns/reports/viewCampaign.aspx?d=r&c=79CE1F6CD0C81FF2&ID=72C2272F1CE40B142540EF23F30FEDED&temp=False&tx=0&source=Report
28 Feb 2025 - APRA release quarterly insurance statistics for December 2024. https://www.apra.gov.au/news-and-publications/apra-releases-quarterly-insurance-statistics-for-december-2024
3 Mar 2025 - RBNZ plan to commence ongoing quarterly publication of the new Tara-ā-Umanga Business Expectations Survey in mid-May 2025 (for the June quarter) in advance of the 28 May Monetary Policy Statement. https://www.rbnz.govt.nz/statistics/surveys/expectations-survey-information-for-survey-participants/business-expectations-survey-design-and-development
Legal and regulatory update for the life and health insurance sector
FMA hold roundtable; The Financial Markets (Conduct of Institutions) Amendment (Duty to Provide Financial Services) Amendment Bill introduced to Parliament; FSC publish Life Insurance Industry Spotlight December 2024; Andrew Bayly resigns as Minister.
20 Feb 2025 - The FMA is holding a FMA Chief Executive and Insurance industry roundtable on 26 March at 8:30am.
20 Feb 2025 - The Financial Markets (Conduct of Institutions) Amendment (Duty to Provide Financial Services) Amendment Bill was introduced to Parliament. https://bills.parliament.nz/v/6/8aad04b7-1df0-480a-531a-08dd514abaa2?Tab=history
21 Feb 2025 - The FSC publish the Life Insurance Industry Spotlight December 2024. https://7422267.fs1.hubspotusercontent-na1.net/hubfs/7422267/FSC%20Corporate/Documents/Industry%20Statistics/FSC%20SPOTLIGHT%20Life%20DEC%202024.pdf
24 Feb 2025 - Andrew Bayly has resigned as Minister of Commerce and Consumer Affairs and Minister of ACC. https://www.nzherald.co.nz/waikato-news/news/andrew-bayly-stands-down-as-minister-after-putting-hand-on-staffer/ZV6UKMR5SNBQXAYVZXG4J3UYYI/
Super Early Bird tickets to the FSC 2025 Conference available now
The Financial Services Council (FSC) is holding their 2025 conference on 10 & 11 September at the Cordis Hotel in Auckland.
The Financial Services Council (FSC) is holding their 2025 conference on 10 & 11 September at the Cordis Hotel in Auckland. While details of the speakers and sessions are still to be released, the FSC has said that FSC25 Conference: Transforming for Tomorrow “…aims to inspire attendees to move beyond the present and envision a future where financial services not only meet immediate needs but also anticipate and address challenges for generations to come.”
Super Early Bird tickets are on sale now, which includes the FSC Awards Dinner.
More news:
Nicola Willis will deliver a keynote address at National Adviser Conference
Jon-Paul Hale questions whether we should commoditise life insurance
The gender pay gap is a key focus of the FSC's Empower Women workplan
Survey finds kiwis have experienced a decline in their overall satisfaction of their quality of life
Legal and regulatory update for the life and health insurance sector
Westpac fined after breaching fair dealing provisions; Privacy Commissioner calls for submissions on draft Biometric Processing Privacy Code of Practice; RBNZ publish Paul Conway’s speech; Hon Andrew Bayly December 2024 diary released.
23 Dec 2024 - Westpac admitted to misleading customers entitled to advertised discounts as well as overcharging some of its business customers, in civil proceedings brought by the FMA at the High Court in Auckland. Westpac’s breaches of the fair dealing provisions under the Financial Markets Conduct Act 2013 (FMCA) affected a total of 24,621 customers and resulted in $6.35m in overcharges. https://www.fma.govt.nz/news/all-releases/media-releases/westpac-admits-to-misleading-representations/
23 Dec 2024 - The Privacy Commissioner has announced his intention to issue a Biometric Processing Privacy Code of Practice and is calling for submissions on the draft Code. https://privacy.org.nz/news/consultations/
29 Jan 2025 - RBNZ publish Chief Economist Paul Conway's speech which discussed New Zealand’s longer-term ‘potential output’ and its significance for monetary policy. https://www.rbnz.govt.nz/hub/news/2025/01/beyond-the-cycle
29 Jan 2025 - Minister of Commerce and Consumer Affairs, Hon Andrew Bayly December 2024 diary released with the following potential financial services sector related meetings noted:
5 Dec 2024 – ZOOM: REVOLUT + UK High Commision (Jeannie Lum + Officials)
6 Dec 2024 – MEET: Fintech Roundtable (invited attendees)
6 Dec 2024 – MEET: Westpac (Catherine McGrath)
6 Dec 2024 – SPEAK: Confirmation of Payee Launch (Duncan Robertson and guests)
10 Dec 2024 – MEET: Resolution Life (Tim Tez & Toda Kazuhide)
16 Dec 2024 – MEET: Commerce Commission (Hon Stephen Jones and Commerce Commission Officials)
16 Dec 2024 – MEET: FMA (Hon Stephen Jones, Craig Stobo, Samantha Barras)
18 Dec 2024 – MEET: Retirement commissioner (Jane Wrightson)