30 Jan 2019

FMA seeks greater regulation of life insurers

From Morning Report, 8:10 am on 30 January 2019
Financial markets authority head Rob Everett (left) and RBNZ Governor Adrian Orr talk about the insurance report.

Financial markets authority head Rob Everett (left) and RBNZ Governor Adrian Orr talk about the insurance report. Photo: RNZ/Gyles Beckford

Life insurers admit they have work to do but insist they can still be trusted. The Financial Markets Authority and the Reserve Bank have accused insurers of a range of misconduct, including charging customers for expired policies and selling policies people can't use. The Financial Services Council, which represents insurers, says the report is "confronting" but denies widespread problems within the industry. Rob Everett is chief executive of the Financial Markets Authority which, along with the Reserve Bank, has been investigating. He speaks to Guyon Espiner.