FSC REACTION: We welcome the 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.