In November 2018 the FMA and the RBNZ published the findings of a review of conduct and culture in New Zealand retail banks. This review was prompted by the Australian Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry (ARC). The ARC was a response to widespread misconduct incidents in Australia’s financial services industry over the past decade. Our concern about the ARC’s impact on confidence in New Zealand’s financial institutions and the potential for complacency in the industry led to the bank review.
We reviewed 16 life insurers that issue (ie underwrite) life insurance products.
In this report, we do not attribute findings to individual life insurers, because our focus is on the life insurance sector as a whole
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