Media release 16 February 2024 New Zealand’s largest locally owned life insurer Fidelity Life has secured the services of one of New Zealand’s top technology executives, with Angela Henderson set to take on the role of Chief Information...
Here at Fidelity Life our strong focus on conduct and culture is aimed at ensuring Kiwis have confidence and trust in both us and the advisers we work with.
We want to see more Kiwis seeking independent advice and insurance protection. Hopefully we’ll start to close NZ’s under-insurance gap, too.
Given this, it’s timely to remind you about the FMA’s Guide to Good Conductwhich provides principles-based guidance on how the FMA views conduct.
What does good conduct mean?
The guide summarises the FMA’s expectations about what licenced financial services providers should demonstrate to customers, focusing on five key areas:
- Communication – listening to customers’ needs;
- Controls and governance systems – the provider’s checks and balances support good conduct;
- Culture – the provider’s culture encourages and recognises good conduct, from the leadership down;
- Capability – the provider has the skills and experience to competently provide an appropriate service or product to the customer; and
- Conflicts – aligning customers’ interest with business strategy.
We recommend you give it a re-read to make sure your business has a real focus on good conduct.
We also expect you to continue to disclose remuneration and incentives in accordance with legislation, and in a way that’s clear and easy for customers to understand.
Got any concerns?
Please let your Business Manager or Business Account Manager know about any conduct and culture risks and issues related to Fidelity Life that you’re aware of.
As always, thanks for your ongoing support.
We’re committed to a model where customers’ interests come first. We’re here for the long term and focussed on a sustainable and successful future, with the customer at the centre of everything we do.
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