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Dear Contact,

Welcome to the November edition of the monthly FSC Connect newsletter where we provide an update on the Financial Services sector and what is happening within the FSC.

October was an exciting month for the FSC, with 120 speakers sharing their knowledge, insights and challenges with the attendees at the Generations Conference - all in a new cutting edge digital format. We also launched the Financial Resilience Index 3 research, and held the Financial Services Council 2020 Annual General Meeting towards the end of the month.

Our Get in Shape webinars continue to attract large numbers from the advice community as the introduction of the Financial Services Legislation Amendment Act (FSLAA) closes in. In addition to Get In Shape, our November events include the 'Data – creating industry insight’ FSC Connect webinar to launch the Financial Services Council Data Programme later in the month.

It's hard to believe the year is nearly over and the festive season is just around the corner. The FSC will be hosting an end of year event to launch Money & You 3 and present 2020 A Year In review, on 2nd December. We hope to see you all there either in person or digitally.

Read on to catch-up on all the latest news and have a great weekend.

On behalf of the FSC Team
Annual General Meeting 
The Financial Services Council Annual General Meeting was held on Wednesday 28 October during which the Board approved the annual report and accounts, welcomed newly elected board members and recognised departing members.

Thank you to our exiting Board members, Blair Vernon (CEO, New Zealand Wealth Management, AMP), Charlie Trotter (Former Managing Director, FNZ) , Cris Knell (Executive General Manager, Distribution, Suncorp) and David Biegel (Workplace Savings Representative) for their service, commitment, guidance and expertise.

A warm welcome to our new FSC Board members, Adrian Riminton (Joint acting CEO and Chief Distribution Officer, Fidelity Life) Grant Willis (Head of Life, Asteron Life), Hugh Stevens (Chief Executive, Smartshares) and James McDonnell (Managing Director, FNZ).
FSC Board 2020/21
The 2020 Annual Report outlined a solid year of member growth to 80 members, a 22% revenue growth and some the many activities of the Council, including the 2019 Towards Wellbeing Conference, and the launch of FSC Connect, a series of online events and other resources for FSC members during COVID-19 restrictions.
An Invitation - Launch of Money & You 3 and 2020 A Year In Review

Wednesday 2 December, 4:30 - 6:30pm

Join us for this special event to launch the final research in the series, Money & You 3 and a 2020 a year in review presentation.

We are looking forward to this opportunity to finally get together face to face in Auckland. For those of you that are unable to attend in person, the event will also be streamed via Zoom. 

The programme for the evening will include:

Official launch of Money & You 3
In association with 

        Richard Klipin                       Ryan Bessemer    
    CEO                                             CEO
Financial Services Council            Trustees Executors 

2020 A Year In Review


Madison Reidy                        Thomas Pryor 
TV News Reporter                  Associate Director
  Newshub                                Sherson Willis

Following the formalities there will be an opportunity to network and enjoy a festive beverage to celebrate FSC and sector achievements during 2020. 

Venue: The Pavilion, ANZ Centre, 23 -27 Albert Street, Auckland 
Digitally Streaming: via Zoom

To book your spot, please RSVP via the link below by Tuesday 24 November.

Register 2 December via Eventbrite
FSC Data Programme update
With effect from the quarter ended 31 December 2020 the FSC will provide an expanded, automated, set of life insurance and investment statistics. This work is being led through the FSC’s Data Working Group where successes this year have included designing new online dashboards, creating new data definitions and building data collection templates
To help our members get ready for the transition, we invite you to join us at a webinar to launch the Data Programme. RSVP below.
FSC Connect: Data - Creating Industry Insight
Tuesday 17th November, 3:30pm 

Welcome to FSC Connect Webinar Series – ‘Data – creating industry insight’. 

Please join us to learn about the Financial Services Council Data Programme, where our expert panel will be discussing:

•    Why good data is important for an industry association
•    What the FSC’s data programme will deliver
•    How FSC members can get the most out of the new data dashboards
      Michael Browne                                          Rachel Lynn                                           Ben Winterbourne 
Customer Experience Leader           Customer Insights & Experience Manager                 Analytics Director
           Swiss Re                                                   ANZ                                                        Data Insight
                                                               Anton Gardiner                                  Haydee Stroud
                                            Chief Actuary                                   Head of Projects
                                                              Partners Life                              Financial Services Council
Register 17 November via Zoom
Regulatory Updates
Submissions - October 2020

Reserve Bank Act Review Phase 2, Third Round
Thank you to all those who contributed to the FSC submission. Please contact us if you would like a copy.  
Current Consultations
Insurer Solvency Standards Reviews
The Reserve Bank released a review paper on the associated Insurer Solvency Standards, which govern the minimum amount of capital that insurers are required to hold.
Two Focus Groups were held to discuss the submission and thankyou to all those who attended and have provided feedback.
Submissions close on 12 November 2020.
FDR FX Hedges Rules Consultation
Officials have been reviewing the application of the FDR FX hedges rules which allow the fair dividend rate (FDR) method to be applied to foreign currency hedges. A consultation letter details issues with the rules and proposed solutions to these issues. Please contact us if you would like to more information and would like to provide feedback on this submission.
Submissions close on 20 November 2020.

New Consultations

Recognition of Australian adviser qualifications
On the 22 October via a draft standard, the FMA have proposed to recognise that individual Australian advisers demonstrate the competence, knowledge and skill standards set by the Code of Professional Conduct for Financial Advice Services if they hold certain Australian adviser qualifications, and to confirm this in a statement on the FMA website.
Submissions close on 20 November 2020.
Proposed guidance on KiwiSaver fees and value for money
The FMA have released proposed guidance on KiwiSaver fees and value for money in order to obtain feedback on the regulatory approach to the statutory requirement that KiwiSaver fees must not be unreasonable and the related overarching statutory duties. Please contact us if you would like to be involved and provide feedback.
Submissions close on 14 December 2020.

Risk management guidance on cyber resilience and views on information gathering and sharing.
This RBNZ Consultation addresses cyber risk costs on the financial sector, both institutions and customers and seeks views on the draft of risk management guidance on cyber resilience.
A Focus Group is currently being established via the FSC Regulation Committee in early November to discuss this paper to and to start formulating a submission. Please contact us if you would like to be involved.
Submissions close: 29 January 2021

Regulator Engagement
The FSC Regulation Committee was delighted to host MBIE last month for a second time to discuss the Finance and Expenditure Select Committee’s Report back of Financial Markets (Conduct of Institutions) Amendment Bill.
The Regulation Committee were also fortunate to have the
RBNZ attend the Committee in October to discuss recent announcements and what lies ahead for the Insurance (Prudential Supervision) Act (IPSA).

Please contact us if you would like to receive the October edition of Regulatory Outlook, Issue 27. Available to FSC members only.

Committee Updates
With all committee workplans now approved by the FSC Board, here are some highlights from our committees:
  • The Life Insurance Committee continues its focus on reviewing NZ’s approach to disability income protection to ensure a sustainable product providing good customer outcomes.
  • A new Underinsurance Working Group has formed to look at the issue of underinsurance in New Zealand. 
FSC committees are open to all members. If you’d like to join any of the FSC Committees or Working Groups, please get in touch with
Get In Shape: Session 12 - Understanding conflicts of interest and managing gifts and incentives
Friday 13 November, 10am
In the 12th session of our Get In Shape webinar series, our panellists will provide guidance on how your advice business must handle gifts and incentives under the new regime. And how to best manage conflicts of interest.

Stay tuned for speaker announcements.
Register 13 November via Zoom
FSC in the News
Click to read media and social media activity over the past month

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