Insurers can't ignore Royal Commission: Mason

He addressed the Insurance and Financial Services Ombudsman’s conference this week.

He said the Financial Markets Authority had been raising its concerns about issues with life insurance for a number of years.

"The core message that the Royal Commission report has for the financial services industry also applies here in New Zealand – that primary responsibility for misconduct lies with the entities concerned, which requires a close look at the culture, governance, and remuneration of financial services firms."

But he said it had been noticeable, and disappointing, that many life insurers in New Zealand had regarded the Royal Commission as just being about banking, or just about Australia.