News

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

Financial Adviser complaints

Complaints about financial advisers can include service issues. In this example, an adviser reduced his client's life insurance cover as requested. After the client died, his family said the adviser had breached his duty of care.

Story from Good Returns: 15 September, 2020

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IFSO on complaint management

"We are noticing the complaints we refer back to insurers on behalf of complainants are being resolved more quickly and settled more often, which is a good sign in terms of the customer experience.” Karen Stevens, IFSO.

Story from insurancenews.com.au: 21 September, 2020

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Credit contract and loan complaints have risen - IFSO

“During the COVID-19 lockdown, insurers responded quickly with a range of proactive options for customers, particularly for those facing hardship. Credit contract providers also acted quickly to restructure loans, defer payments and waive fees.” Karen Stevens, IFSO.

Story from NZ Adviser: 16 September, 2020

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General insurance enquiries rise, complaints drop

"The best time to understand insurance is before you need it - every day we hear about problems that could have been avoided if people had been better informed. That’s why we’re sharing real stories about real complaints.” Karen Stevens, IFSO.

Story from Insurance Business NZ: 16 September, 2020

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Rise in complaints about consumer credit, loans

458 (12%) of all contacts to the IFSO Scheme last year were about loans or credit contracts. Responsible lending involves protecting consumers against substantial hardship.

Story from Stuff: 14 September, 2020

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IFSO Scheme releases Annual Report

The IFSO Scheme received 3,922 enquiries over the past year and has investigated 282 complaints about insurance and financial services. Misunderstanding and miscommunication continue to be common complaint issues.

See the IFSO Scheme Annual Report 2020

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The future possibility of pandemic cover?

Covid-19 has highlighted the vulnerability of individuals and businesses. An ICNZ-led panel discuss the difficulties and possibilities of pandemic insurance cover, and a private-public approach.

Story from Insurance Business NZ: 19 August, 2020

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"Little lies" have big consequences

"The long term consequences of insurance fraud are hard hitting. Declined claims are the tip of the iceberg," says IFSO Karen Stevens. Check your policy, ask questions, and tell the truth!

Story from Stuff, 27 July, 2020

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Study: 1 in 6 kiwis lie about car insurance

Tell the truth! This study shows more kiwis need to know that there's no such thing as little lies when it comes to insurance, and the consequences can be dire. See our tips under Tips & Cases.

Story from Stuff: 20 July, 2020

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$33K Ute not covered: check your policy

A Southland family are urging people to check their insurance policies after a ute accident left them $33K out-of-pocket. Check your cover before you might need it. See our Tips & Cases section.

Story from Stuff: 15 July, 2020

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Financial advice regime to begin 15 March

Information on how to access dispute resolutions services is one of the disclosure requirements for financial advisers, aimed at ensuring consumers are better informed. The new regime begins 15 March.

Story from Good Returns: 25 June, 2020

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Introducing Kendall Flutey & Teresa Tepania-Ashton

CEO of financial literacy platform Banqer, Kendall Flutey, and Māori Women’s Leadership Inc CEO, Teresa Tepania-Ashton, will contribute strongly to the future direction of the IFSO Scheme as Commissioners.

Story from Insurance Business NZ: 13 June, 2020

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