PodcastThe FMA has re-stated its ongoing concerns around what it refers to as ‘commission creep’ within the financial advice sector.Its concern was raised in the authority’s 2021 annual report – released at the end of January.“Sales-based incentives for staff have generally been replaced with incentives that focus more on good outcomes for customers,” says the FMA.However, it still has concerns about commissions paid to intermediaries.When Minister of Finance Grant Robertson announced details of a proposed State-backed income insurance scheme, RiskinfoNZ sought the reactions of industry groups and of the insurers themselves.It's early days as all concerned take a close look at the government briefing document, but we have the initial thoughts and opinions in our special report.With the country having moved to the Traffic Light settings of the Covid-19 Protection Framework, and with Level 4 Lockdowns (hopefully) behind us, Partners Life has reverted to its original criteria for premium holiday and policy suspension claims. The company relaxed its policy on premium holidays in August 2021.Raising the status of financial advisers to a professional standing is taking longer than expected, but Mitre Wealth Management‘s Stephen O’Connor knew it wouldn’t be as easy “as flicking a switch”.Speaking to David Kneebone in a Financial Advice NZ This is Your Story programme O’Connor says he expects the Level 5 qualification financial advisers need will eventually be raised to a university degree requirement.However, he says upping the professionalism of the financial advice sector has been a slow grind.The team at nib is taking its Highway to Health seminar on the road starting February 10.The events will feature CEO Rob Hennin who will talk about the firm’s acquisition of Kiwi Insurance. Attendees will also hear about nib’s health management programmes.Our latest poll asks you to consider your preferences when it comes to paper-based versus electronic policy applications.In 2022, which life insurance policy application process do you prefer:Electronic/online applications (52%)Paper-based applications (27%)Depends on the client’s circumstances (21%)Not sure (0%) Hosted on Acast. See acast.com/privacy for more information.

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