29 January 2019
Today New Zealand’s financial sector regulators Financial Markets Authority (FMA) and Reserve Bank of New Zealand (RBNZ) published a joint report on conduct and culture in the life insurance industry. The report was the result of a review prompted by the Australian Royal Commission into misconduct in the banking, superannuation, and financial services industry.
We welcome the report. It is well-researched and well-considered, with good recommendations for improvement. The industry has significant work ahead to live up to the trust placed in it by all New Zealanders. You can rest assured that conduct and culture are at the forefront of our agenda at MAS.
We know we can improve on several areas highlighted by the report. The fact that we are a mutual, we don’t pay our advisers commission, and we choose not to use an intermediated sales channel give us a strong foundation to make those improvements.
The Board and all the team at MAS are committed to continuously improving our products, service and advice for the benefit of our Members. We will improve the way we design and develop products, the training we provide our staff, our engagement with Members regarding the ongoing suitability of their insurance cover, and the risk frameworks we use to help identify and remediate issues.
We are committed to continuing to work with regulators to improve the standard of service, products and advice we provide to our Members, and to play our part in an industry that must strive to earn the trust of all New Zealanders.
Click here to download a copy of the full report.
If you’d like a review of your insurance cover, or have any questions about our insurance policies, simply email email@example.com or call 0800 800 627 to arrange a time to talk to a MAS adviser.
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