OCTOBER ISSUE | 2021 FMA releases guidance on insurance customer’s vulnerability Earlier this month, the Financial Markets Authority (the FMA) published an updated guidance sheet setting the expectations for how financial service providers should deal with vulnerable customers.  The guidance defines a vulnerable customers as…

SEPTEMBER ISSUE | 2021 Reserve Bank seeking consultation on insurance policy security consultation As part of the Insurance (Prudential Supervision) Act (IPSA) review currently in progress, the Reserve Bank is seeking consultation on whether the current legislation adequately protects policy holders. The consultation paper includes…

AUGUST ISSUE | 2021 Reserve Bank consults on Interim Insurance Solvency Standard The Reserve Bank of New Zealand has begun consultation on an interim solvency standards for insurers (the Interim Standard).  The Interim Standard implements the upcoming changes to accounting rules created by IFRS 17…

JULY ISSUE | 2021 This month we look at the Financial Markets (Conduct of Institutions) and Holidays Increasing Sick Leave Amendment Bills and the New National Disaster Response Insurance Scheme. We also provide our general update on relevant legislation. FINANCIAL MARKETS (CONDUCT OF INSTITUTIONS) AMENDMENT…

APRIL ISSUE | 2021 As the Financial Services Legislation Amendment Act 2019 (FSLAA) came into force on 15 March, the last month has been a key time for insurance and financial services regulation.  This month our Bulletin reviews the changes to the financial advice regime…

FEBRUARY ISSUE | 2021 Happy New Year.  This month we review the basic requirements of the new financial advice regime that comes into effect in March.  We also provide our general update on relevant legislation. NEW FINANCIAL ADVICE REGIME The new financial advice regime commences…

There is a Trusts Act 2019 which comes into force on 30 January 2021 and will affect the administration of Trusts in New Zealand. If you are a trustee, your duties to beneficiaries are changed by the new Act.  You need to be aware of…

DECEMBER ISSUE | 2020 This month we look at Reserve Bank consultation documents for the Insurance (Prudential Supervision) Act 2010 and the Insurance Solvency Standards, standard conditions for financial advice provider licences, and the commencement of the Privacy Act 2020. We also provide our general…

NOVEMBER ISSUE | 2020 This month we look at the Reserve Bank of New Zealand’s two relaunched reviews, a Financial Markets Authority Consultation Paper on Australian adviser qualifications, and the Office of the Privacy Commissioner’s new “NotifyUs” privacy breach tool. We also provide our general…