ISI to Improve Replacement Policy Advice Documentation

Thursday 22 Jul 10 9:45pm
Over the last week ISI has met with key representatives of the adviser community including the PAA, IFA, and LBA, as well as leading dealer groups to review the recently released Replacement Policy Advice brochure and form, and identify where improvements can be made to better reflect the objectives of the process.

ISI remains committed to a process that ensures consumers are able to make fully informed decisions about the insurance policies they hold, including the replacement of these policies.

It is important that consumers regularly review their insurance cover to make sure it is appropriate for their needs and it is quite common, and can be correct, for policies to be replaced to take advantage of newer, better policy conditions.  Advisers play an important role in helping their clients to decide if changes are beneficial and in the client’s best interests.

The new Replacement Policy Advice is intended to support both consumers and advisers through this review process by ensuring they are provided with all the necessary information on which to make an informed decision about their insurance needs.

ISI accepts that the wording used in the new brochure and form does not provide the level of balance that it should in this respect, and acknowledges that some changes are required.

As a result work has commenced on identifying improvements to both the brochure and form that will ensure advisers and their clients can act with confidence.

The aim is to have the identified changes implemented before 1 October.

In the interim it is accepted that some advisers may choose to continue to use the previous Advice on Replacement form.

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The Financial Services Council (FSC) represents investment and life insurance companies in New Zealand.

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