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Bring in the Experts - Update on Financial Advice Liability program - Shared screen with speaker view
Financial Advice New Zealand
18:51
Good morning everyone. Welcome to our 69th Bring in the Expert Webinars. You have all been muted and your videos turned off but feel free to ask questions down the side bar in the chatroom and in questions and answers. Katrina Shanks will ask the questions on your behalf.Enjoy the webinar!
Nicola Smee
22:15
Have you started yet, we cant hear anything?
tom wu
35:52
can you please explain the retroactive date? thanks.
Elise Vine
40:13
So if you do a mix of all 3 how does this work
Clinton Stanger
48:36
What if I wasn't in the programme, I'm a sole adviser FAP does the cover I select from 1 July cover past advice?
Kerstin Bain
49:52
Can you please explain the 2 options in more detail. Is this just for when we leave the business/industry?
Kerstin Bain
52:27
Should you take the multi year when still working and then fixed one for later when leaving the industry?
Clinton Stanger
53:05
The past programme was a Worldwide territory - the run-off is NZ only??
Kerstin Bain
54:29
If other advisers refer business to say me, do I need anything else or will my PI cover the advise I provide to their referred clients?
Nicola Smee
57:17
If you have had an external compliance assurance review, and your business has been signed off as compliant, will that reduce your premium?
PAUL SEWELL
57:58
WE have 2 advisers working for a FAP, we have cover for each adviser from1 sept to 1 July 2021, we have FAP cover from 15 march to 1 July 2021, are you saying the advisers will need to purchase run off cover from 1 July 2021, cover through Financial advice NZ
Nicola Smee
59:18
Does a class 2 FAP have to pay the interim cover from March to June?
Pankaj Malik
01:00:43
I have 4 insurance advisers under my business. 2 of them are employees and 2 of them are sole traders, do I have to purchase P.I Cover for all of them individually. Thanks..
Financial Advice New Zealand
01:00:46
If you would like more information on the Liability Programme, please contact:Marijke von Molendorff, (Client Executive) Marijke.vonMolendorff@marsh.comAissa Signal, (Client Adviser) Aissa.Signal@marsh.comChristopher Munden, (Senior Claims Advocate), Christopher.Munden@marsh.com
Nicola Jones
01:01:55
Do you lose any benefits if you do not join until August?
Nicola Jones
01:02:41
Would you need to buy run off from you or from the other insurer?
Jeff Tobin
01:02:53
f you have a single fire and general agency and your total income percentage from fire general income is 25% of over all income ( mainly domestic fire and general) income do you not qualify for this cover?
Andy Hart
01:04:06
Is the $3,000,000 cover for multiple advisors under a class 2 cover just the FAP, or is it $3,000,000 per advisor in the FAP{?
Clinton Stanger
01:06:30
What if the advice was provided in Australia - it was previously covered..... now not
Nicola Jones
01:06:57
Based on the answer you have indicated that you need to join pre 30 June to receive run off but if your other scheme does not renew until September then you will have 2 policies - isn't that an issue?
Nicola Jones
01:09:54
What if you are insured by NZI but through a different scheme
Onny Faleafa
01:10:47
I am currently insured under the scheme and a single adviser business. I now have a FAP (single adviser) do I need to purchase extra run off cover or is it included in the new FAP PI cover?
Nicola Jones
01:11:09
From a run-off situation
Kerstin Bain
01:11:29
What wording should we include to say that we are operating in NZ and any claim has to be made in a NZ court?
Leigh Hodgetts
01:13:36
mortgage brokers need $2m usually as lenders requirements
Clinton Stanger
01:13:47
What do I do if I want more than $5m?
Gary Morgan
01:14:42
Is there actually a Statute of limitations here in NZ for claims to be lodged? I'm not sure there is?
PAUL SEWELL
01:16:36
WE have 2 advisers working for a FAP, we have cover for each adviser from1 sept to 1 July 2021, we have FAP cover from 15 march to 1 July 2021, are you saying the advisers will need to purchase run off cover from 1 July 2021, cover through Financial advice NZ
Suresh SHARMA
01:17:25
Iam a mortgage adviser and have cover through F Advice NZ. Now I have joined my aggregator's FAP as AB. Will the right approach be I join PI cover of FAP? Do I have to purchase Run off Cover for my past years of PI Cover with F Advice NZ?
Clinton Stanger
01:17:30
What about run-off for my Statutiry Liability cover?
Andy Hart
01:17:53
So after a year or two of claims history, we could see premiums go down...?
Nicola Smee
01:19:10
Please answer: Does a class 2 FAP have to pay the interim cover from March to June?
Andre Stokes
01:20:15
nzfsg scheme does not appear to cover F&G risk only referrals so I see this scheme here does cover more than NZFSG scheme for F&G albeit only less than 5% of premiums
Suresh SHARMA
01:21:23
I am a Risk Adviser and changed aggregator from NZFSG from 15 march. I had cover through that group and now I will have through new group? Do I need to take run off cover from old insurere
PAUL SEWELL
01:21:55
well done great work
J-P Hale
01:22:00
Awesome work! Well done!
Leigh Hodgetts
01:22:40
awesome presentation and explanation thanks
Jenny de Boer
01:22:45
thanks, very clear and concise!