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Russell Hutchinson
Auckland
I'm the principal the Chatswood Consulting Limited, live and work in New Zealand.
Interests: Family, financial services management consulting, living a good life in New Zealand. I love to read, run, work out, and soon I may admit to gardening.
Recent Activity
The RBNZ has revealed plans to talk with insurers about climate risks. That is a good idea. Commencing a conversation about climate risks may enable pricing signals to more smoothly contribute to changes in policy necessary to avert climate change,... Continue reading
Posted yesterday at moneyblog
The FMA's report on bank incentive schemes repeats the statement that this has wider application for financial services companies wishing to demonstrate effective conduct controls: While this report and its expectations apply to banks, many of the issues are relevant... Continue reading
Posted 2 days ago at moneyblog
Obesity is a factor in cancer, this article explains how that works - and the changes necessary to reduce risks. My favourite part of the article is where they explains the action of a drug trial: Prof Lydia Lynch said:... Continue reading
Posted 4 days ago at moneyblog
This is a plea for help. The New Zealand Dental Insurance Society has declined to provide a policy document for Quality Product Research Limited to review. Can any of you assist in providing a current one, as we would like... Continue reading
Posted 6 days ago at moneyblog
Geoff Annals, CEO of Accuro, the health insurer, has made the clearest statement yet by any insurer on a shared view of responsibility for client outcomes.Illustrated in this quote, by talking about servicing requirements: “Our remuneration should reflect that. That’s... Continue reading
Posted 6 days ago at moneyblog
Southern Cross have recently announced to over 800,000 policy holders the removal of a $2,500 funeral allowance from policies effective 10 December. In this article funeral directors explain the huge burden that could have on families when it comes to... Continue reading
Posted 7 days ago at moneyblog
My latest piece on goodreturns is available at this link. Continue reading
Posted Nov 11, 2018 at moneyblog
In Australia ASIC has called for general insurance commissions to be banned. I think this is likely to have unintended consequences. It might well kill off sales of general insurance at car-yards and over the phone, where most of the... Continue reading
Posted Nov 11, 2018 at moneyblog
According to Seth Godin in this blog post writing the first 1,000 blog post is the most difficult part. But the are such a learning experience. Many mistakes, some I blush to think about. But learning without failure just doesn't... Continue reading
Posted Nov 10, 2018 at moneyblog
Going mobile with decent presentation tools, the ability to record video or audio of complex meetings, and get those recordings doing something useful - without having to lug around more than seven kilograms of gizmos in your carry on is... Continue reading
Posted Nov 9, 2018 at moneyblog
On the 1st of November there were a number of changes to pricing from health insurers. The following companies made increases to their rates for these products: AIA - Superior Health, Superior 3 Health, Real Health and Cancer Treatment Benefit... Continue reading
Posted Nov 7, 2018 at moneyblog
David Chaplin has a good article on the proposal to give the RBNZ the power to regulate some Fintech companies that might otherwise skirt regulation. Link. A reminder that if you are successful, you have an impact, and if you... Continue reading
Posted Nov 7, 2018 at moneyblog
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Health Funds has announced that estimated growth in policy holders has taken health insurance ownership above 1.4million people for the first time. Although good news, there are two reasons for caution about this figure. The first is that New Zealand's... Continue reading
Posted Nov 6, 2018 at moneyblog
In covering the last three draft Code standards as a whole I shall not reproduce the draft in this post. Not being an educationalist there are nuances in the competence requirements on which I take advice. Having said that, there... Continue reading
Posted Nov 6, 2018 at moneyblog
Here are the draft Code Standards, again with commentary omitted for brevity - but still recommending that you read the full text. [Standard 6] Protect client information A person who gives financial advice must take reasonable steps to protect client... Continue reading
Posted Nov 5, 2018 at moneyblog
No media report I have yet seen appears to have identified that the issues and FMA requirements outlined in the report will be relevant to all financial services providers, not just the banks. That includes companies contemplating Financial Advice Provider... Continue reading
Posted Nov 5, 2018 at moneyblog
The Code Standard as drafted is: Give financial advice that is suitable for the client A person who gives financial advice must ensure that the financial advice is suitable for the client. The person must have reasonable grounds for the... Continue reading
Posted Nov 4, 2018 at moneyblog
This is the draft standard: Take reasonable steps to ensure that the client understands the financial advice A person who gives financial advice must take reasonable steps to ensure that the client understands the financial advice and all material risks... Continue reading
Posted Nov 3, 2018 at moneyblog
The depressing spread of views and choices that harm health and well-being is evidence of the fact that not all change is progress. Perhaps the trend towards increasing scepticism about vaccines is a reflection of a disillusionment with government. Private... Continue reading
Posted Nov 1, 2018 at moneyblog
Australian law firm Slater and Gordan have taken aim at bank NAB on behalf of clients who were allegedly sold worthless credit card insurance. Click here to read more. The concept of worthless insurance is one worth watching - it... Continue reading
Posted Oct 31, 2018 at moneyblog
nib's profit announcement is at this link, and shareholders presentation at this link. Continue reading
Posted Oct 30, 2018 at moneyblog
Rice Warner has this piece which covers at a high level their view that the inclusion of insurance in superannuation is one of the 'great success stories' for the industry. Link. You could use the same arguments to encourage the... Continue reading
Posted Oct 30, 2018 at moneyblog
Or you could subtitle this: why AMP is no longer with us, and why it should matter to advisers. Link. Continue reading
Posted Oct 29, 2018 at moneyblog
Overall I agree with the draft Code Standard. My comments only apply to the commentary under the standard. I agree in general with the “Where practicable, avoid conflicts of interest” but suggest that this should not preclude delivery of a... Continue reading
Posted Oct 28, 2018 at moneyblog
RiskInfoNZ has confirmed what we were all thinking in this article - AMP will close life insurance business in NZ following sale to Resolution Life. Continue reading
Posted Oct 28, 2018 at moneyblog