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Russell Hutchinson
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
As parliament winds down this week, the last three days have seen a number of regulatory releases, many with potentially significant implications. A list follows, together with relevant links. Probably the most important is the conduct Bill update, which is... Continue reading
Posted 36 minutes ago at moneyblog
Financial Advice New Zealand will be holding Money Week next week. Money Week will be dedicated to educating the public on money matters. Money Week will be filled with resources that will are intended to raise awareness and address questions... Continue reading
Posted 4 hours ago at moneyblog
Although the Government agreed to increase the FMA’s budget to $60.805 million in the coming years, a Cabinet paper that was recently released showed that market participants will be covering the majority of the funding through an increase to the... Continue reading
Posted 2 days ago at moneyblog
The first phase of Fidelity Life’s technological update is now completed. The $25 million change is part of Fidelity Life’s digitisation process that will ensure 3000 policies are relocated to the cloud. “New Zealand's largest locally-owned insurer, Fidelity Life, has... Continue reading
Posted 3 days ago at moneyblog
30 July 2020 – IFRS advised that a new two-part webcast in a series to support the implementation of IFRS 17 Insurance Contracts is now available. 31 July 2020 – The Police FIU website noted the release of a... Continue reading
Posted 4 days ago at moneyblog
During July the Privacy Commissioner called for public submissions on the proposed repeal and replacement of New Zealand’s six privacy codes of practice under the Privacy Act 2020, with the new Act coming into force on 1 Dec 2020. The... Continue reading
Posted 5 days ago at moneyblog
28 July 2020 – The government, RBNZ and Treasury announced the Reserve Bank of New Zealand Bill was introduced to Parliament. This is the first of two bills resulting from the Phase 2 review of the Reserve Bank of New... Continue reading
Posted Jul 29, 2020 at moneyblog
Research in Australia shows underinsurance increasing and predicts that in the near future only the very wealthy will be able to access personalised advice from an adviser, due to recent regulatory changes. This is the consumer version of those stories... Continue reading
Posted Jul 29, 2020 at moneyblog
nib announced that they will maintain their partnership with Ronald McDonald House Charities to support families at this time. During lockdown nib worked to provide 28 rooms in both Auckland and Wellington with necessary appliances to ensure social distancing requirements... Continue reading
Posted Jul 29, 2020 at moneyblog
Seth Godin, in one of his pieces describing the shift to online absolutely nails the definition of which businesses can most effectively compete with big tech, and which cannot: What if the work you do is: compliance-based standardized repetitive not... Continue reading
Posted Jul 28, 2020 at moneyblog
Rob Stock, reporting at tells us: After Joe Lobban’s death his partner Sam Robertson was informed by Westpac Life that they wouldn’t pay out the $480,000 life insurance claim as the insurer believed that Joe had failed to disclose... Continue reading
Posted Jul 28, 2020 at moneyblog
Consumer NZ has again criticised funeral insurance policies citing high premiums. Jon Duffy, Consumer NZ CEO used an example of an 85-year-old policyholder who has paid $18,900 in premiums after taking out a $10,000 funeral insurance for herself and her... Continue reading
Posted Jul 28, 2020 at moneyblog
Victoria University’s Economics of Disasters and Climate Change Chair Ilan Noy made a few suggestions when addressing Insurance Council members. To begin Noy pointed out that insurers could incentivize more clients to take out policies by introducing products that offer... Continue reading
Posted Jul 27, 2020 at moneyblog
In April almost everyone I know became an amateur epidemiologist, or at least, COVID-watcher. Today, many of my non-insurance colleagues are blessed with an almost-normal life. We have been fortunate - meaning it is vital to acknowledge that good policy... Continue reading
Posted Jul 24, 2020 at moneyblog
Stuff has this great article by Nile Bijoux about people being willing to lie to their insurer. Those are general insurers, but it seems a stretch to believe that the same people happy to lie on their car insurance application... Continue reading
Posted Jul 23, 2020 at moneyblog
I was asked by a compliance guru at one of the insurers about Quotemonster, and in particular Quality Product Research, and how that relates to product selection, and whether you can rely on it as information from a third party... Continue reading
Posted Jul 23, 2020 at moneyblog
Partners Life has decided to allow a return to permitting wait periods longer than four weeks for self-employed clients. From their email announcement yesterday: One of the changes we made was to restrict the waiting period options to only 4... Continue reading
Posted Jul 22, 2020 at moneyblog
Grey Power and NZFirst are trying to put the idea of subsidised health insurance back on the agenda - refer this article in the NZHerald, by Nicholas Jones (if you have a subscription). The rationale advanced is that a person... Continue reading
Posted Jul 21, 2020 at moneyblog
Ailepata Ailepata’s gastric cancer claim denial as a result of a New Zealand Home Loans broker suggesting Ailepata change insurers has caused division within the industry. While some have sided with Fidelity Life’s decision to deny the trauma claim, others... Continue reading
Posted Jul 21, 2020 at moneyblog
Todd Allan has been appointed as the Head of Adviser Distribution. This promotion comes after the departure of Craig Winterburn, who was the General Manager Distribution. In his new role Todd will be focused on supporting advisers. “A key focus... Continue reading
Posted Jul 20, 2020 at moneyblog
All this talk about wealth taxes led Susan Edmunds, a regular writer in financial matters, to explore the subject. Her excellent article is at this link. The taxes proposed by the Greens would be as follows: Under $1 million –... Continue reading
Posted Jul 19, 2020 at moneyblog
Tony Vidler posted a great article on not giving advice. The essential premise is that the client may not want you to give formal advice - or even informal advice - but rather, simply act as a good sounding board... Continue reading
Posted Jul 19, 2020 at moneyblog
With the regulatory changes set to be implemented in early 2021, Karty Mayne from Rosewill Consulting is warning advisers to take precautions with advertising as this is an area that causes issues with compliance. Karty has suggested that advisers pay... Continue reading
Posted Jul 16, 2020 at moneyblog
Financial Advice NZ’s Money Week will begin on August 10 2020. This year there will be two initiatives in place. This first will be focused around working with the FMA to hold an interactive day to help the public better... Continue reading
Posted Jul 15, 2020 at moneyblog
The Australian FSC reported that the number of mental health disability claims made in Australia has increased by over 50% in the past five years. A KPMG report showed that from 2013 to 2018 mental health disability claims increased by... Continue reading
Posted Jul 15, 2020 at moneyblog