News

See updates and articles from a range of publications about insurance and financial services, including industry updates and consumer tips.

Man complains 'Asia' is part of 'Australasia'

A man complained to the IFSO Scheme when his claim for medical expenses in India were declined. He said he was covered because his policy covered 'Australasia', which has the word 'Asia' in it.

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Many kiwis don't understand - or have no interest in reading, their insurance.

Research commissioned by ICNZ of 1000 Kiwis shows just over half (54%) know what their insurance covers them for.

- Newshub, photos provided by AA Insurance


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Widow battles insurer for funeral payout

A widow contacted the IFSO Scheme for expertise when her insurer stalled on funeral payout.

-Stuff Jane Matthews July 29 2021

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Canterbury floods - are you making a claim?

Insurance and Financial Services Ombudsman (IFSO), Karen Stevens, has important tips for people facing the task of setting their homes to rights.

-Rob Stock, Stuff, Monday 1 June 2021

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Need help with your finances? Find a financial mentor

Here is a great example of the value of financial mentors - helping people navigate financial hardship. To complain about hardship decisions made by lenders, contact us at info@ifso.nz

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Canterbury flood residents: document the damage before you clean up

After the severe flooding in Canterbury, we urge affected residents to photograph the damage, and contact your insurer before you clean up.

- Story from The Star, 31 May 2021


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$43K ute repossessed

The CCCFA sets out lender responsibilities for consumer protection. When Charlie, who was terminally ill, couldn't repay a $43,000 loan, his ute was repossessed. The lender made mistakes, which displayed unfortunate conduct, particularly given Charlie’s vulnerabilities.


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Covid & business interruption

In most cases, the Business Interruption cover would not respond, because there was no material damage. Standard business interruption exclusions for infectious diseases were triggered when COVID-19 became publicly notifiable.


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Covid and travel insurance

The idea of purchasing travel coverage for a reasonable price in future may be at risk, given the enormous pressure on the travel insurance industry. Does insurance need a new paradigm for known risk?


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FMA Financial Adviser licensing guide

On Monday, 17 November, the FMA and Financial Advice NZ will launch a full licensing application guide for Advisers. The guide will cover licensing standards across seven conditions including record keeping and internal complaints processes.

Story from Good Returns: 12 November, 2020

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Napier residents: contact your insurer before you clean up

In the aftermath of devastating flooding and landslips, we urge Napier residents to take care at home and on the road, photograph the damage, and contact your insurer before you clean up.

Photo from Newshub: 11 November, 2020

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Adviser licensing process, FMA

Advisers can start applying for a full license on March 15, 2021, and the FMA says the process will be rigorous.

Story from Insurance Business NZ: 19 November, 2020

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