News
See updates and articles from a range of publications about insurance and financial services, including industry updates and consumer tips.
See updates and articles from a range of publications about insurance and financial services, including industry updates and consumer tips.
“During the COVID-19 lockdown, insurers responded quickly with a range of proactive options for customers, particularly for those facing hardship. Credit contract providers also acted quickly to restructure loans, defer payments and waive fees.” Karen Stevens, IFSO.
Story from NZ Adviser: 16 September, 2020
The IFSO Scheme received 3,922 enquiries over the past year and has investigated 282 complaints about insurance and financial services. Misunderstanding and miscommunication continue to be common complaint issues.
See the IFSO Scheme Annual Report 2020
"The best time to understand insurance is before you need it - every day we hear about problems that could have been avoided if people had been better informed. That’s why we’re sharing real stories about real complaints.” Karen Stevens, IFSO.
Story from Insurance Business NZ: 16 September, 2020
458 (12%) of all contacts to the IFSO Scheme last year were about loans or credit contracts. Responsible lending involves protecting consumers against substantial hardship.
Story from Stuff: 14 September, 2020
Covid-19 has highlighted the vulnerability of individuals and businesses. An ICNZ-led panel discuss the difficulties and possibilities of pandemic insurance cover, and a private-public approach.
Story from Insurance Business NZ: 19 August, 2020
"The long term consequences of insurance fraud are hard hitting. Declined claims are the tip of the iceberg," says IFSO Karen Stevens. Check your policy, ask questions, and tell the truth!
Story from Stuff, 27 July, 2020
Tell the truth! This study shows more kiwis need to know that there's no such thing as little lies when it comes to insurance, and the consequences can be dire. See our tips under Tips & Cases.
Story from Stuff: 20 July, 2020
A Southland family are urging people to check their insurance policies after a ute accident left them $33K out-of-pocket. Check your cover before you might need it. See our Tips & Cases section.
Story from Stuff: 15 July, 2020
Information on how to access dispute resolutions services is one of the disclosure requirements for financial advisers, aimed at ensuring consumers are better informed. The new regime begins 15 March.
Story from Good Returns: 25 June, 2020
CEO of financial literacy platform Banqer, Kendall Flutey, and Māori Women’s Leadership Inc CEO, Teresa Tepania-Ashton, will contribute strongly to the future direction of the IFSO Scheme as Commissioners.
Story from Insurance Business NZ: 13 June, 2020
If you're after a loan, make sure you what you’ll pay all up before you lock it in. The Commerce Commission 'don't get stung by your loan' campaign explores the cost of loans, borrower rights, and lender obligations. See the video.
A survey of New Zealanders undertaken during Level 4 showed 40% of households were at risk of hardship, and says Retirement Commissioner Jane Wrightson.