While New Zealand’s financial services sector goes through a period of change, industry leaders in the Asia-Pacific region say they see similar shifts happening across the globe. Now, this region may learn from New Zealand’s approach. That ‘principles-based’ approach to conduct has resonated in several countries.
“Every regulator in every market wants to improve the professionalism and conduct of their financial advisers – they’re just starting at different points,” said Sam Tremethick, chief partnership insurance officer at AIA. He expressed that that regulatory change requires bringing a level of professionalism and good conduct to its players because the industry is nothing without that trust.
Now, regulators are taking a close look at how Australia and New Zealand are managing culture and conduct reviews