Early results of AIA NZ’s financial adviser wellbeing survey show government regulations have hit those working in the sector hard with more than half the respondents finding it stressful complying with the new regulatory framework.

Work overload was also cited by almost 50% of respondents as another major cause of stress.

AIA fears 25% of Kiwi advisers are considering leaving the industry and another alarm bell is that around half the advisers surveyed use alcohol to cope with stress, aren’t sleeping enough, and a good portion are seeking medical care due to work pressure and stress, says the report’s draft findings.

Riskinfo nz has been promoting the survey since its launch in September and full results will be released in February 2022.

The FMA has cancelled the transitional financial advice provider (FAP) licence assigned to Yuen Pok (Paul) Loo, sole proprietor of Wisdom House Investment Partners, after Loo engaged in serious misconduct at his previous employer.

James Greig, FMA Director of Supervision, says: “Trust in the financial advice sector is imperative and any misconduct that undermines that must be held to account.

“A licence cancellation is a strong regulatory response and we decided it was necessary in this case to send a strong message of deterrence.”

Katrina Shanks, writing for Riskinfo NZ says life and health insurers have started looking at what their global counterparts are doing about Covid-19 and people’s vaccination status.

She says insurers in South Africa and other countries already require people to disclose their vaccination status when taking out life or health cover.

The CEO of Financial advice nz says New Zealand-based insurers might follow suit and include this information in their underwriting considerations for new applicants, with a focus on pre-existing conditions that are more likely to result in a claimable event if an unvaccinated client contracts Covid-19.

It’s a year since the introduction of the mandatory privacy breach reporting regime and Allan Yeoman of law firm Buddle Findlay says 2021 has seen many businesses over reporting to The Office of the Privacy Commissioner as organisations came to grips with the new requirements and adopted a conservative approach.

He says “Almost four times as many breaches were reported this year when compared with 2020.

Human error accounted for 62% of serious privacy breaches reported, with the most common issue being emails sent to the wrong person.

The board of not-for-profit Kiwi health insurer Accuro, which celebrated its 50th year in 2021, has a new Chair.

Marion Guy has moved up from Deputy Chair having been elected by the board to replace Tony Haycock, who is retiring.

And that's our last podcast for 2021, I'll be back in the new year. But do sign up to our weekly newsletter – out every Wednesday and keep up to date at riskinfonz.co.nz

have a fantastic 2022.

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