Under the incoming regulatory regime industry regulator the FMA will look to financial advisers to detail their process for handling conflicts of interests, such as receiving gifts from product providers.An FMA spokesperson says there's no specific financial value threshold for disclosing gifts and that advisers need to consider what would be reasonable and provide appropriate levels of clarity.Advisers, says the FMA, already have an obligation to “…exercise care, diligence and skill and not act in a way that is misleading, deceptive or confusing”.Poll questionIn this week's poll we ask if advisers should be required to disclose all soft dollar incentives they receive?Cigna LimitsCigna New Zealand is making it easier for clients to get medical cover, having changed its non-medical limits for its Assurance Extra and Business Assurance product suites.The company’s CEO Gail Costa says the changes will make it easier for customers to get cover without having to undergo medical tests. The new limits are active now and will also be applied to new business currently in underwriting.Tick-box disclosureThe days of financial advisers handing over a disclosure form and ticking a box will be over, come 15 March next year.Under the new regime, disclosure becomes less of a formality for advisers and more of a customised exercise.Sharon Corbett of MBIE says the new regime is not about having a single statement. It's about the adviser handing clients information that's relevant to the service they are providing.Trusted AdviserConsultation over the criteria for obtaining the Trusted Adviser mark from Financial Advice NZ continues with seasoned advisers hoping their decades of experience will be taken into account in lieu of holding a Level 5 qualification – something that is mandatory for a FAP licence.Business insuranceResearch by Vero Insurance shows nearly two thirds of New Zealand’s SMEs want insurance advice as a result of the Covid-19 crisis.According to its survey, business owners want to know what types of insurance would benefit their business and how to defer or adjust insurance premium payments. Hosted on Acast. See acast.com/privacy for more information.

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