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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
Ombudsman Karen Stevens, has said that the majority of complaints to the IFSO scheme have involved clients being turned down as a result of not being able to demonstrate a claim on first impression, and that clients did not understand... Continue reading
Posted 2 days ago at moneyblog
Here is the eleventh message from the FSC 'FSLAB passes Third Reading and Royal Assent' about future changes coming to financial advice regulation. Click here and scroll down to access the first ten messages. Continue reading
Posted 4 days ago at moneyblog
A New Jersey man has been arrested after filing two insurance claims, stemming from alleged injuries he sustained after taking a fall in a cafeteria at a business he was subcontracted to work for. However, the whole incident was caught... Continue reading
Posted 5 days ago at moneyblog
A 21-year-old Slovenian woman deliberately cut off her own hand with a circular saw in an attempt to cash in on an insurance claim. The Police say the woman had taken out five different insurance policies months prior and had... Continue reading
Posted 5 days ago at moneyblog
Submissions on the Code of Conduct have been released. Well worth a look through. Continue reading
Posted 5 days ago at moneyblog
An American travel insurance company ran a “Pays to Read” hidden contest in their policy document wording and one lucky lady who decided to read the entire policy document came out $10,000 richer. Click here to read more. It is... Continue reading
Posted 6 days ago at moneyblog
Breast cancer patient Kingna Yu tells her story of struggling financially as she loses money on her Auckland business due to City Rail works taking place in front of her store. She has put breast reconstruction surgery on hold while... Continue reading
Posted Apr 11, 2019 at moneyblog
A Rotterdam School of Management report found that "projects led by junior managers were more likely to be successful than those that had a senior boss in charge”. They explored the reasons why, here are their top three: “Staff were... Continue reading
Posted Apr 9, 2019 at moneyblog
It is clear that, say, Sovereign's Progressive Care product is a severity-based trauma product. But is the Major Trauma product offered by Asteron Life? Or Sever Trauma cover from Partners Life? These offer tougher definitions allowing larger sums of cover... Continue reading
Posted Apr 9, 2019 at moneyblog
Giving up bias helps us reach more people, serve them better, and ultimately, make better returns. If we believe that people with Chinese cultural background don't buy insurance, when in fact they do, we tend not to try and offer... Continue reading
Posted Apr 8, 2019 at moneyblog
Those insurers that distribute primarily through advisers are being challenged to ensure that their products are suitable for their clients. While suitability is not intended to mean everything financial advice means, any requirement to assess suitability is going to affect... Continue reading
Posted Apr 7, 2019 at moneyblog
I cannot figure out how the passage of FSLAB requires urgent flashing headlines. We knew it would pass, and frankly, whether it passed last week, or next week, or for that matter next month, is of little importance. I am... Continue reading
Posted Apr 6, 2019 at moneyblog
The AFR has an article on the remarkable resilience of trail commissions - you have to be a subscriber, but it tells an interesting tale of how trails were targeted by Hayne, and yet have escaped the ARC's recommendation to... Continue reading
Posted Apr 4, 2019 at moneyblog
Inland Revenue are looking to implement changes to existing sections in the Income Tax Act 2007. DR 3, the section IRD are looking to improve, was originally designed to ensure that no deduction was available for the reinsurance of a... Continue reading
Posted Apr 4, 2019 at moneyblog
AIA have reintroduced Sovereign’s HealthScreen service under AIA’s brand. HealthScreen was first introduced as part of Sovereign’s efforts to better customer experience. The service was deemed successful as customers reported their experience as being highly effective; this was reiterated by... Continue reading
Posted Apr 3, 2019 at moneyblog
Are you a trustworthy person? Models of trust build out from how we experience trust - usually in individuals. The development of corporate trust works in a similar way - as if the legal fiction of company as having the... Continue reading
Posted Apr 2, 2019 at moneyblog
A statement from a whitepaper from Zurich found that advisers were seen as the most reliable source of life insurance help; but it was found that 78% of Australian clients were only willing to pay up to A$500. The Royal... Continue reading
Posted Apr 2, 2019 at moneyblog
Ask people what they would be prepared to pay for a house in Auckland and I doubt you will get an answer equal to the current median price. There is a well known economic concept called revealed preference, which is... Continue reading
Posted Mar 31, 2019 at moneyblog
The ambulance service should be properly funded. Link. After an accident in June 2016 which resulted in me getting acquainted with the St John Ambulance service I was astonished to discover the extent to which the service relies on unpaid... Continue reading
Posted Mar 30, 2019 at moneyblog
Fidelity Life has set plans to expand the number of business managers and support staff. They have begun the expansion process by appointing new Business Managers and Business Account Manager. The expansion plan is a follow up of a new... Continue reading
Posted Mar 28, 2019 at moneyblog
Congratulations to Partners Life on the financial strength rating news: Partners Life have announced their Financial Strength Rating has been upgraded by AM Best from B++ (Good) to an A- (Excellent). Click here to read more. Continue reading
Posted Mar 28, 2019 at moneyblog
Here is the FMA's flowchart of possible pathways for financial advisers Continue reading
Posted Mar 27, 2019 at moneyblog
In the UK, where private insurers must meet most claims for accidents, the discount rate applied to settlements for lifetime loss of income has been a major problem for the last couple of years. The formula for the discount rate... Continue reading
Posted Mar 27, 2019 at moneyblog
Changing requirements for adviser businesses put pressure on everyone, but these changes could create winners and losers in the advice world in particular, as well as the wider insurance sector in general. Some advisers will identify opportunities while others will... Continue reading
Posted Mar 26, 2019 at moneyblog
You have gripes, I know it. Learning how to complain better will make you a more effective advocate. Link. Continue reading
Posted Mar 26, 2019 at moneyblog