News round-up

Newpark launches new online tool; ING supports regulation timeframe move

Monday, May 3rd 2010, 5:00AM

Newpark launches new online tool

Newpark Financial Services has launched iBroker, an online needs analysis and generic application tool to help reduce time and cost of insurance applications.

Newpark general manager Barry Read says it will benefit advisers who place life and health business with multiple companies, as it saves them having to complete separate applications. It will also reduce turnaround times following up missed answers, as the application will only be sent if fully completed.

It is hoped the software will also reduce costs, as companies will be able to see who else the application has been sent to and can share medical information as required.

iBroker will be accepted at all the main insurance companies, except Sovereign.

ING supports regulation timeframe move
ING has said it supports the government's decision to extend the timeframe for financial advisers to fully comply with regulation.

Commerce Minister Simon Power announced last week that financial advisers now have an extra six months to comply with training requirements and to have applications for authorisation processed by the Securities Commission.

"This is a very pragmatic approach by the government as it means advisers now have more time to complete their requirements, thereby ensuring a high standard can be met by the entire industry," ING Life managing director Jeremy Nicoll said at the end of last week.

"It provides a welcome comfort that New Zealand consumers will continue to be well looked after during the transition period."

ING's own staff who have been identified as working towards authorised financial adviser (AFA) status will continue with their current programme despite the change of timeframe.

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