FSC commits to principles

The Financial Services Council says it and its members are committing to five core principles to guide the industry’s response to Covid-19.

Thursday, April 16th 2020, 9:51PM

“The Covid-19 pandemic has placed New Zealand in unprecedented territory and getting through it will require us to all work together,” said Richard Klipin, chief executive of the FSC.

“Our members take seriously their responsibility to build, manage and protect the wealth of New Zealanders through good times and bad. That’s why we have collectively committed to five key principles to serve and support New Zealand over this time.

“The principles cover a range of areas from business continuity to financial advice and support.

“The coming months will be challenging for many Kiwis and these principles reflect our 100% focus on being there for our customers regardless of the uncertain times we find ourselves in."

The principles are:

1. Managing risk, wealth and health
FSC members remain open for business handling claims and supporting those in hardship.

2. FSC members can help with financial worries.
Members can help people struggling to make KiwiSaver contributions or pay for life insurance, whether that's by offering guidance to Government support, working out a payment plan or other options.

3. Members are well prepared
FSC members’ business continuity plans have been implemented. Members are held to account by a code of conduct, which makes sure that they act transparently, with care and integrity, focusing on good customer outcomes.

4. Help and advice is out there
Kiwis that seek financial advice will be better prepared financially.

5. Looking after our bubble
"Whether you are a customer, working in financial services or a supplier, the FSC and our members have got your back. We will do all we can to support our bubble as we navigate through Covid-19 together and come out safe and strong on the other side."

Tags: FSC