Jack Regan, AMP’s Managing Director says, “The FMA report into replacement business across the life insurance sector is without precedent for the industry in New Zealand. In undertaking such a comprehensive and rigorous review across all companies and engaging with market participants as part of the process, the FMA is now able to assess the impact on consumers of such market conduct.
“The report highlights a number of areas of improvement and AMP is committed to promoting and supporting appropriate practices across the industry. Other markets which regulated their industry earlier than New Zealand have found similar issues and addressed them accordingly. The key lesson is that those who choose to 'swim against the tide' of improved regulation in the interests of consumers do so at their peril.”
Mr Regan concludes, “Regardless, our referee has blown the whistle and the game needs to change. AMP will consider the FMA report in depth and expect that it will be a catalyst for effective engagement between the FMA and industry participants.”