Financial services faces a plethora of regulatory changes ahead – making it hard at times to see the opportunities amongst the compliance requirements, and all within an environment of increased community and consumer expectations.

The changes in New Zealand regulation – driven in a large part by the findings of last year’s Royal Commission into banking and financial services in Australia – fits well within the global trend of greater supervision and requirements for transparency for all participants in the financial services sector.

Some of the challenges we are currently facing include:

• The complexity of the regulatory framework
• Uncertainty anticipating change
• Lack of certainty inherent with change itself

However, with a proactive approach focused on outcomes, and using the tools we’ll detail in future articles, you’ll be well positioned to engage with regulation and benefit from opportunities as they present themselves.

For well-organised and far-sighted businesses, the new regulatory world will bring opportunities. This includes ‘First Mover Opportunity’ – that’s in cases where regulatory change requires significant thought, expenditure and change, then the business that realises this early and acts on it is likely to have an advantage over its competitors who face the same challenges.

At Insurance Advisernet NZ, we’re ahead of the curve and well positioned to assist you and your customers navigate this new regulatory landscape and thrive. For more information, contact an Insurance Advisernet Member Broker today.

Written by Insurance Advisernet New Zealand

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