Media alert 23 November 2023 Fidelity Life has more than delivered on its promised product enhancements, with six being launched to market today – this includes an additional enhancement since they were initially previewed at its Engage...
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 6 November 2023 New Zealand’s largest locally owned life insurer Fidelity Life has published its turnaround times for new business, underwriting and call centre interactions as part of its commitment to significantly improv...
Media release 1 November 2023 A full year’s contribution from its Fidelity Insurance subsidiary, acquired from Westpac Group in 2022, is the key driver behind a return to profitability and dividends at the country’s largest New Zealand-...
Fidelity Life makes three senior hires to support its strategy to ‘re-launch and re-define’ its adviser channel experience.
Media release 10 October 2023 New Zealand’s largest locally owned life insurer Fidelity Life has made key appointments in its Sales and Service team, as it continues to double-down on its commitment to the adviser channel. Reporting...