Media release 12 October 2021 Fidelity Life is transforming its support for advisers with the creation of a new team delivering solutions across the areas of advice (including advice-tech) and professional development, as well as an expa...
At Fidelity Life we’re committed to a model where customers’ interests come first. New Zealanders are under-insured and independent financial advice has significant benefits for the financial health and well-being of New Zealanders.
While we’re always working on our conduct and culture, there’s always more that can be done. Our focus is on setting up our business for a sustainable and successful future with the customer at the centre of everything that we do.
The Financial Services Council, of which Fidelity Life is a member, has led the life insurance industry’s response to the FMA/RBNZ review – below is their media release.
29 January 2019
Industry acting on culture and conduct report
The Financial Services Council welcomed the release of the Financial Markets Authority (FMA) and Reserve Bank of New Zealand (RBNZ) report on Life Insurer Conduct and Culture today and will work with its members in the sector to act on its recommendations.
“The life insurance industry accepts there are improvements to be made in a range of areas outlined by the FMA and RBNZ in the report”, said Richard Klipin, CEO of the Financial Services Council.
“Conduct, culture and ensuring great consumer outcomes is paramount. We also accept that action in some areas was not taken as quickly as desired and that has been a source of frustration for the FMA and RBNZ.
“We will now work through the issues highlighted in the report and respond to the FMA and RBNZ within its timeframes with our action plans.
“We look forward to continuing constructive dialogue between regulators and the industry so that we can drive improvements and focus on providing the best possible outcomes for New Zealanders.
“The financial services sector plays an important role in the prosperity of New Zealand and we are an industry that is entrusted to grow, manage and protect the wealth of Kiwi’s. As such, we welcome and expect scrutiny and are committed to serving New Zealanders in a fair and transparent way,” said Klipin.
In the past 12 months the industry has initiated a number of important steps relating to improving culture and conduct including the adoption of the FSC code of conduct by all our members, responding to concerns about soft commissions by ending overseas conferences, and strongly supporting the progression of the Financial Services Legislation Amendment Bill.
“We are encouraged that the report did not find evidence of systemic customer harm, and that the regulators highlighted the good work of the many thousands of front line and claims staff and their strong focus on delivering good consumer outcomes.
“Finally I’d like to thank the regulators for their high-quality and robust work on this report and ongoing engagement with the industry,” concluded Klipin.
Media release 11 October 2021 Fidelity Life’s core business continued to perform well in the 2021 financial year as it boosted transformation spend and remained resilient against the economic impacts of COVID-19. Underlying profit for th...
Media release 15 September 2021 A series of online licensing support workshops being jointly hosted by Fidelity Life and the Financial Markets Authority has attracted almost 200 adviser registrations. The workshops are designed to provid...