News

A widow contacted the IFSO Scheme for expertise when her insurer stalled on funeral payout.

-Stuff Jane Matthews July 29 2021

Insurance and Financial Services Ombudsman (IFSO), Karen Stevens, has important tips for people facing the task of setting their homes to rights.

-Rob Stock, Stuff, Monday 1 June 2021

Here is a great example of the value of financial mentors - helping people navigate financial hardship. To complain about hardship decisions made by lenders, contact us at info@ifso.nz

Advisers can start applying for a full license on March 15, 2021, and the FMA says the process will be rigorous.

Story from Insurance Business NZ: 19 November, 2020

On Monday, 17 November, the FMA and Financial Advice NZ will launch a full licensing application guide for Advisers. The guide will cover licensing standards across seven conditions including record keeping and internal complaints processes.

Story from Good Returns: 12 November, 2020

In the aftermath of devastating flooding and landslips, we urge Napier residents to take care at home and on the road, photograph the damage, and contact your insurer before you clean up.

Photo from Newshub: 11 November, 2020

After the severe flooding in Canterbury, we urge affected residents to photograph the damage, and contact your insurer before you clean up.

- Story from The Star, 31 May 2021

The CCCFA sets out lender responsibilities for consumer protection. When Charlie, who was terminally ill, couldn't repay a $43,000 loan, his ute was repossessed. The lender made mistakes, which displayed unfortunate conduct, particularly given Charlie’s vulnerabilities.

In most cases, the Business Interruption cover would not respond, because there was no material damage. Standard business interruption exclusions for infectious diseases were triggered when COVID-19 became publicly notifiable.

The idea of purchasing travel coverage for a reasonable price in future may be at risk, given the enormous pressure on the travel insurance industry. Does insurance need a new paradigm for known risk?

Complaints about financial advisers can include service issues. In this example, an adviser reduced his client's life insurance cover as requested. After the client died, his family said the adviser had breached his duty of care.

Story from Good Returns: 15 September, 2020

"We are noticing the complaints we refer back to insurers on behalf of complainants are being resolved more quickly and settled more often, which is a good sign in terms of the customer experience.” Karen Stevens, IFSO.

Story from insurancenews.com.au: 21 September, 2020