tmmonline.nz  |   landlords.co.nz        About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds

NZ's Financial Adviser News Centre

GR Logo
Last Article Uploaded: Wednesday, October 2nd, 9:02AM

Insurance

rss
Latest Headlines

Quotemonster responds to new adviser regime

Life insurance price comparison site Quotemonster is tightening up access to its service in reaction to new licensing regime.

Friday, October 4th 2019, 8:42PM

“QuoteMonster will be making changes to its service as a response to the new licensing environment. With transitional licensing just around the corner these changes will start to be implemented from now," Quality Product Research chief executive Alan Rafe says.

"Essentially, we will be tightening up who has access to their pricing and research engine and ensuring there is a clear record of access. With the increase in responsibility placed on Financial Advice Providers they will need to ensure it is clear who is providing the advice (financial entity) and who has access to the account from a privacy perspective."

Key changes to ensure only advisers use the system include:

  1. FSP-number validation is being integrated, via an API, with the Financial Service Providers Register so it will be able to monitor in real time the registration details and status of an FAP / FA account.
  2. It will restrict the number of devices that can access an account and require email verification with each device
  3. Provide the ability for administration and or compliance people to access a FAP/ FA account under their own login to monitor access (small fee required)
  4. These changes will be implemented over the next couple of months as a gradual process to ensure as little disruption to advisers as possible.

"Changes to regulation in the industry require us to do our part to support advisers during the advice process," Rafe says.

"More responsibility will be placed on the Financial Advice Provider to ensure that the advice process is followed, and these changes will assist them in this process."

"We think the use of independent research will be an important tool for advisers when providing advice. Most of our users will not see any change in the access they have and will only need to register their devices. Others will need to update their FSP details or login details to ensure that the disclosures in their quotes and research reports clearly identify them."

Tags: Financial Services Legislation Amendment Act Quotemonster

« Asteron offers to guide advisers through changeFidelity hits $1 billion milestone »

Special Offers

Comments from our readers

No comments yet

Sign In to add your comment

 

print

Printable version  

print

Email to a friend
Insurance Briefs

Employees are wanting health and life insurance
A new survey shows potential employees what life and health insurance benefits, but less than a third of employers plan to offer such benefits.

Chubb Life makes changes to trauma benefit
Chubb Life has made a series of enhancements to its Assurance Extra and Assurance Extra Business policies, including the addition of a new Continuous Trauma Benefit,

Resolution Life gets new president
Global life insurance group Resolution Life has appointed Moses Ojeisekhoba as its new President.

Today is Mindfulness Day - here's a new tool
Former Director-General of Health Sir Ashley Bloomfield gets involved with a new online mindfulness practice.

News Bites
Latest Comments
Subscribe Now

Cover Notes - Specific news aimed at risk advisers

Previous News
Most Commented On
About Us  |  Advertise  |  Contact Us  |  Terms & Conditions  |  Privacy Policy  |  RSS Feeds  |  Letters  |  Archive  |  Toolbox  |  Disclaimer
 
Site by Web Developer and eyelovedesign.com
x