Category: Business

Source: Radio New Zealand

If you have asked for a car insurance quote recently, you may have been asked your gender.

You might have wondered why it matters.

In a test by RNZ, a 42-year-old woman with a 2020 RAV4, parked in a Maunu, Whangārei garage, who has a clean driving history and no recent insurance claims was quoted $59.65 a fortnight for comprehensive car insurance with AMI.

The same scenario, except selecting “male” for the gender, was $58.99.

State quoted $58.70 for a woman and $58.06 for a man. Someone who said they were non-binary received the same quote as the woman.

AA quoted $53.83 a fortnight for a man and $53.87 for a woman.

Consumer NZ insurance specialist Rebecca Styles said the organisation’s most recent car insurance survey showed women were charged more by some insurers when they were middle-aged or older.

But when drivers were younger, men were charged more.

Comparison site Quashed said for a 22-year-old woman, insurance of $40,000 with a $1000 excess on that hybrid RAV4 would cost at least $169.64 a month for the cheapest option.

A man the same age would pay at least $185.98.

Chief executive Justin Lim said the premium for young male drivers ranged from 2 percent to 17 percent more.

It was especially the case for utes and trucks, he said, where young men could have to pay up to 24 percent more.

Styles said to provide car insurance quotes on the basis of gender felt a bit old-fashioned.

“With increased individualised pricing of insurance, you’d think it would be more about the risk factors for particular individuals rather than gender.”

Jeremy Holmes, from actuarial firm MJW, said if there was evidence that something affected the risk to insurers, they would price it in.

“In a reasonably free and open market, the price will tend toward that which is implied by the risk.

“As an example, say Insurer A charges the same price for everyone regardless of risk. They would set the price so that, in aggregate, it’s enough to cover their claims. Then along comes Insurer B who differentiates the price. Insurer B charges less for lower-risk people.

“What will happen is that all the low-risk people will shift to Insurer B and Insurer A will be left with people who, on average, are higher-risk. So Insurer A will need to increase prices which will exacerbate the issue.”

He said the different prices for genders indicated there was a perceived difference in risk.

“This is known as anti-selection. The way to combat anti-selection is to charge prices that reflect risk. If we operate in a market where people are free to move between insurers then the insurers will need to price according to risk.

“In saying that, there is something of a ‘social license’ whereby insurers can generally only use a factor to differentiate the price if society accepts that it is a reasonable thing to do.

“Historically, most people have accepted that different genders present different risks and this has been a common rating factor for motor insurers. Although that view has gradually been changing. The EU implemented some rules back in 2012 to prohibit differential insurance pricing by gender.”

Claire Matthews, a banking expert at Massey University, said it was becoming more challenging for insurers.

“It is likely there would only be limited data available on accident rates for the broader definitions of gender now used to allow statistical justification for gender-based premium differences, which has been used in the past. I think that’s why some insurers will have stopped using it, and others probably have given it only limited thought.”

A spokesperson for AA Insurance said it considered factors such as driving history, location, vehicle type and gender to ensure an accurate reflection of the risk it was taking on.

“For most products, gender is not a factor. However, for car insurance, our claims data shows that gender combined with age is a strong predictor of risk, so it is included when calculating motor premiums.”

Vero said in 2023 it would no longer capture a person’s gender for car insurance.

IAG, which operates the AMI and State brands, said its car insurance pricing was based on a number of factors, including a customer’s age, where they lived, the make and model of their vehicle, their gender, as well as the sum insured of the vehicle.

“We use our claims data to see how different factors affect the cost and frequency of claims and this helps us set premiums that reflect the level of risk.”

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– Published by EveningReport.nz and AsiaPacificReport.nz, see: MIL OSI in partnership with Radio New Zealand

Source: Radio New Zealand

Almost 15 years after 29 men were killed in the explosions at Pike River mine, new research shows New Zealand’s health and safety record remains poor, with workers here more likely to die than in Australia or the United Kingdom.

Research by the Public Health Communication Centre identified persistent issues – including weak enforcement, inadequate fines and poor understanding of legal duties among employers and political leaders.

Dr Christopher Peace, the lead author of the research, said while there were changes following the 2010 mining disaster, things were now sliding backwards and there had been no substantive change in the number of work related deaths in the last 15 years.

New Zealand’s workplace fatality rate was now twice as bad as Australia’s and four times as bad as the United Kingdom’s.

“Quite honestly, for a country that thinks it cares about people, for a country that thinks it’s pretty good, I’m afraid we’re doing disgracefully.”

He said it also came at a significant cost – more than $5.4 billion in the last year was spent on compensation, re-training and addressing the psychological harm to family, friends and workmates.

The findings come as the government shifts its work health and safety regulator’s priorities from enforcement to advice, saying it will address concerns about underfunding and a culture of fear.

Peace said the Pike River disaster revealed inadequate legislation and that directors were not doing enough to meet health and safety requirements, or being held to account for those failings.

He said the subsequent Health and Safety at Work Act that was introduced in 2015 was based on the United Kingdom’s legislation, but the outcomes there were better because the law was applied sternly and consistently in workplaces.

“In New Zealand, we’ve gone almost in the opposite direction, we’ve lost the people with experience in WorkSafe, we’ve hired a whole lot of new inspectors, hoping that they will do something in an advisory way that will turn the tide but that isn’t how it works, sometimes you have to be an enforcer.

“Being an advisor really doesn’t get people to understand they’re dealing with risk to people, risks of killing them, seriously injuring them, maybe leaving people incapacitated for the rest of their lives.

Anna Osborne, whose husband Milton died at Pike River, said she was shocked but not surprised there had been little change in the rate of workplace fatalities since then.

“We lobbied the government for stronger health and safety rules and regulations in the workplace, but to find that they’re being watered down at the moment by the government, it just makes me sick to think that another Pike River could actually happen again.”

She wants to see health and safety regulations strengthened.

“I’d really like to see heavier penalties, to be honest, like corporate manslaughter, fines that are way higher than what they are now because you look at Australia and they’re doing so much better than what New Zealand is.”

She and Sonya Rockhouse, whose son Ben died in the mine, are meeting the Workplace Relations and Safety Minister Brooke van Velden in Wellington next week, on the 15th anniversary of the Pike River disaster.

“Hopefully get her to understand that this is not a joke, if your husband or your son or anybody doesn’t return home from work in New Zealand, it’s just not acceptable, people should be able to go to work and come home after their day is done.”

Van Velden said too many people die at work and she has proposed reforms she said would help businesses better manage critical risks.

“The government wants [businesses] to focus on the direct results of the actions they are taking on the ground and identifying which actions could cause death and serious injury, spending less time ticking the box, and more time focusing on critical risk.”

She said a decade after the Health and Safety at Work legislation was introduced, there had been no significant reduction in workplace fatalities and she was confident the proposed changes would result in fewer workplace deaths.

“The whole law and the purpose behind it is that there will be more information given to businesses upfront, there will be [more] inspectors than we have ever had under this government, going out to businesses and letting them know what it is they should be doing right and for prosecutions, we will be focusing on genuine areas of negligence.”

Nigel Hampton KC, who represented some of the Pike families, said he was worried the nation had forgetten the lessons from the disaster, and that another health and safety calamity was inevitable.

“We saw what de-escalation of the regulator looked like in Pike, there was no rigidity of a regulator at all, and indeed it was almost non-existent on the Pike River site.

“A regulator has to be at a distance, it’s got to be objective and it’s got to be prepared to take enforcement action, including prosecutions, if needs be.”

He said the move away from enforcement was concerning, and prescriptive regulation was not about ticking boxes.

“It is ensuring that the health and safety protocols within a particular business are up to scratch and are being applied, and if they’re not being applied, then enforcement notices made by the regulator and then if that fails, then prosecutions are taken.”

Pike families are now waiting for police to reveal whether they plan to lay any criminal charges as a result of the mens’ deaths, with a decision is expected before Christmas.

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– Published by EveningReport.nz and AsiaPacificReport.nz, see: MIL OSI in partnership with Radio New Zealand

Source: Radio New Zealand

A short-lived Lower Hutt night market has Hutt South MP Chris Bishop crying bureaucracy gone mad.

But the council said it must ensure the market meets safety and compliance measures and that people are not put at risk.

After launching at the end of September, the hugely popular Queensgate Night Market has been canned after just four weeks.

‘Busy, but not in a good way’

Content creator Katy Pakinga made sure to arrive early for Queensgate Night Market’s debut Saturday night, and said it was immediately clear things were not running smoothly.

“There were still food trucks coming in 45 minutes before the night market was supposed to start.

“Having run markets myself, I was doubtful they had enough time to set up the food.”

She said it felt like “the whole of Wellington” had turned out for the market, with queues for certain trucks snaking around the block.

“There were way too many people, way too many cars, traffic – it was busy, but not in a good way.”

Drew Kohing, owner of Mao & Co foodtruck – which specialises in Chinese street food catering – said they had been excited about the market, but on opening night found themselves on the back foot.

“We didn’t know where to enter, which car park, it was quite chaotic. We were just parked in the street all in a line.

“It was supposed to open at 5pm and at 4pm we were still waiting to get inside and we were starting to panic, because it takes us an hour to set up before we can start serving food.”

He said a spot was found, and almost instantly a queue formed.

Kohing said in his nine years on the truck and attending thousands of events – like Martinborough Fair – he had never seen anything like it.

“We know there’s thousands of people but it’s all very calm, and everyone’s walking around and there’s space.

“This was sort of like, just being squashed in somewhere. Everyone was so excited, but it was chaotic as well.”

He said the pace was relentless, selling out of everything, with order numbers on par with Newtown Festival.

According to Pakinga, despite the long queues, the vibes were high.

“I think everybody realised they were all in it together, so all the customers and shoppers were equally annoyed with having to wait, but there was a bit of camaraderie.

“Like, ‘How long have you waited? Oh, I’ve waited longer’. So people were just dealing with it.”

She said the crowds thinned slightly over the following weeks.

Lower Hutt local Rewa said she did not have the patience for the queues, so ditched the markets for McDonalds, but noted the range of stalls, selling everything from clothes, to trinkets, Dubai-type desserts and plenty of food.

“It’s definitely a great idea for the Hutt, brings people out on a Saturday night to enjoy food, otherwise there’s not much on.”

She said it was a shame it had ended.

Boom and bust

The end came swiftly after the launch, with a post on the organiser’s social media page announcing the Labour weekend market would be postponed due to “unexpected compliance issues”.

Two weeks later, another post confirmed it was canned for the rest of the year.

Organiser Victoria Yao – who is also behind the Auckland Night Market – declined to comment.

Hutt City Council (HCC) said the markets were on hold until safety and compliance matters had been addressed – something Hutt South MP and National minister Chris Bishop called a “load of utter nonsense”.

He said it was a spur of the moment reaction to the news, but maintained the pause reeked of redtape.

“I thought, ‘This is nuts, you know, seriously?’

“Traffic management plans, and site plans, and health and safety violations, I mean all that stuff’s important up ’till a point, but seriously, it’s just a market in an empty car park … it’s not actually rocket science.”

Bishop said while people have to be kept safe, his message to the council was to take a pragmatic view.

HCC economy and development director Jon Kingsbury said the council recognised the markets positive contribution to the city and said it was working with Queensgate to ensure it could return.

A mall spokesperson said the pause was in response to feedback and safety was a top priority.

“Queensgate Shopping Centre follows strict health and safety procedures before any event or activity is approved, which included its thorough assessment of the recent Night Markets. The event was very well received and attracted strong community attendance.”

Both Kohing and Pakinga were hopeful the Queensgate Night Market would make a comeback.

Yao would not say when that might be in 2026, but offered RNZ a tour when it did.

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– Published by EveningReport.nz and AsiaPacificReport.nz, see: MIL OSI in partnership with Radio New Zealand

Source: Radio New Zealand

New Zealand’s Retirement Commissioner is calling for big changes to KiwiSaver to ensure the scheme does not leave anyone behind.

The commission has released its latest three-yearly report into the country’s retirement income systems.

It makes 12 recommendations to government, eight of which it says could be introduced quickly and at little cost.

More support for low-income earners

The report recommends targeting government contributions more squarely at lower-income earners.

They are the group most affected by the government’s recent decision to halve its annual contribution to KiwiSaver accounts.

Previously, people received 50c for every $1 they contributed up to $1042 a year, but that has been cut to 25c.

Commissioner Jane Wrightson said it meant that instead of government contributions forming up to 20 percent of a lower-income person’s KiwiSaver balance at retirement, they might now only form up to 11 percent.

She said the government contribution could be increased for low-income people to give support where it was most needed. That could be funded by phasing out the contribution for higher earners.

People earning up to $49,000 could receive 50c per $1 up to $1000 maximum contribution a year, people earning up to $58,000 could get 50c per $1 on a maximum of $500 contributed and people earning up to $67,000 could get 25c per $1 up to a $500 contribution.

“Although this approach would mean fewer people would receive the government KiwiSaver contribution, they would continue to receive support for their retirement through NZ Super, and through matched and increasing employer contributions to KiwiSaver.

“These actions are designed to improve adequacy, close savings gaps, and ensure the retirement income system remains fair, sustainable and trusted.”

More contributions for people on paid parental leave

Wrightson also called for the government to increase the amount it gives to people on paid parental leave, to $1000, and pay it regardless of whether the person themselves put money into KiwiSaver.

Since last year, the government has contributed 3 percent to KiwiSaver for paid parental leave recipients who make their own contribution of at least 3 percent.

Wrightson said of the 57,635 people who received paid parental leave in the most recent year, 12,390 contributed to KiwiSaver.

“This [$1000 payment] costs around $34 million, would be simple to administer, would help ensure high take-up, and directly addresses gaps in retirement saving. Implementation would require careful coordination with Inland Revenue and KiwiSaver providers.”

Contributions past 65

She said employer contributions should also be mandated for people over 65. At present, employers can stop contributing when their staff reach this age.

She said it should also be possible for people on temporary visas to join KiwiSaver and receive employer and government contributions.

“If we want people to stay here, migrants to stay here, it would be good to give them another incentive, wouldn’t it?”

Sidecar saving

The report resurrects an idea for a “sidecar” savings account to run alongside KiwiSaver to provide help in financial emergencies.

She said this could be an alternative to the big increase in hardship withdrawals seen recently.

People would save a set amount into a sidecar account, and money contributed beyond that would go into their KiwiSaver account as normal.

But any withdrawals would be limited to the sidecar.

“This approach has been trialled in the United Kingdom to reduce reliance on high-cost credit for unexpected expenses and hardship withdrawals from retirement savings. Financial shocks can derail retirement saving, and sidecars could help mitigate this risk by giving people access to funds without undermining their long-term goals.”

She said when someone had a sidecar fund alongside KiwiSaver, if they hit financial difficulty they could access a limited amount of money without digging into their main KiwiSaver savings.

“If we are watching a rise in hardship applications, which we are, there’s two issues.

“Number one, what kind of applications are these? And there isn’t enough data publicly available to know, so we want to encourage some work to be done around that, so we understand what the rise is about.

“If it’s sheer poverty, that’s one thing. If it’s for, I don’t know, overseas health treatments and the rest of it, that starts to get a slightly different and interesting texture. So we need to understand more about it.

“And secondly, particularly for those who are in poverty, giving a kind of mechanism to go in and out of a tiny amount of your KiwiSaver, the sidecar, is a much better way than having repeated applications for full withdrawal.”

Ban total remuneration packages

Wrightson also wants to ban total remuneration packages.

Someone who is paid via total remuneration receives a set salary package, from which both their own contribution and their employer contribution are paid – rather than a salary with the employer contribution on top.

The review said the legislation clearly stated that compulsory contributions needed to be paid on top of gross salary and wages except where parties agreed otherwise.

“The legislation also includes a provision, described as being for the avoidance of doubt, which explains that a duty of good faith applies when parties to an employment relationship bargain for terms and conditions relating to compulsory contributions and associated matters.”

The report said research showed about half of employers used a total remuneration approach for at least some employees and 25 percent used it for all employees.

“The removal of the incentive that is the employer contribution on top of salary or wages goes against the spirit of the scheme.”

Wrightson said many of the recommendations were about making KiwiSaver easier and fairer for everyone.

“Anybody in a secure, well-paid job has an employer contribution. Those who are self-employed don’t. Those who are low-income, those contributions are small. They’re the ones we’re suggesting we need to target.”

The report also called for improved reporting of balances, contributions and withdrawals to allow smarter policy setting, and a nationally consistent decumulation framework to help people manage their money in retirement.

Political agreement

But Wrightson said there ultimately needed to be long-term political accord across all the major parties to provide certainty for future retirees and encourage sound decision-making.

“The trouble with the approach to KiwiSaver in recent times is that it has been quite piecemeal. We just tinker. What we’re trying to suggest is that if we stopped tinkering and looked at all the issues collectively and combined them with issues around New Zealand Super, we will get much more robust and agreed mechanisms which will help New Zealanders better because it will be more secure. What we don’t want is a system that changes through each election.”

The report calls for a Parliamentary working group to set the strategic direction for a “10-year retirement income road map”, and group led by the Retirement Commission to implement it and ensure it addresses KiwiSaver, NZ Super and innovation.

“So when you start going into the NZ Super discussions, if you want to make a systemic change, like, I don’t know, means testing, put the age up, whichever one you want to go for… Firstly, you want to get a broader agreement around that and secondly, you want to understand how to mitigate the harms from that. And thirdly, what will that do to things like government contributions to KiwiSaver, employer contributions to KiwiSaver? These things are interlinked and need to be considered together, and the current system doesn’t easily allow that to happen.”

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– Published by EveningReport.nz and AsiaPacificReport.nz, see: MIL OSI in partnership with Radio New Zealand

Source: Radio New Zealand

The government has accepted most of the recommendations out of a banking inquiry to improve competition in the sector.

A cross-party inquiry examining the state of banking competition made 19 suggestions in its report, released in August.

The government has accepted or partially accepted all the recommendations.

• Standardise credit information and make it easier to compare loans. Response: Agree.
• Open the door to more overseas banks and fintechs. Response: Agree.
• Strengthen Kiwibank through investment. Response: Agree.
• Review fees and profits on everyday accounts. Response: Agree.
• Revisit Reserve Bank prudential settings. Response: Partially agree.
• Evaluate capital settings. Response: Agree.
• Broaden the “regulatory sandbox” trial. Response: Agree.
• Cut Council of Financial Regulators overlap. Response: Agree.
• Make climate lending rules clear and consistent. Response: Partially agree.
• Push for real-time payments. Response: Agree.
• Improve Payments New Zealand. Response: Agree.
• Address limits on growth of non-bank deposit. Response: Agree.
• Cease capital increases for banks. Response: Agree
• Formal disclosure of factors. Response: Agree
• Set voluntary Māori banking services standards. Response: Agree.
• Remove anti-money-laundering (AML) roadblocks for Māori land trusts. Response: Agree
• Enable Māori co-investment in infrastructure. Response: Agree.
• Create Māori-focused lending products. Response: Agree.

Finance Minister Nicola Willis said the select committee’s findings echoed many of the findings of the Commerce Commission’s report on personal banking services last year.

“The inquiry’s findings highlighted concerns about the high levels of banking profitability and market concentration, barriers to entry for other players, and regulatory settings.

“The government has been progressing all the recommendations in the Commerce Commission’s report. They include giving Kiwibank’s parent company the go-ahead to raise additional capital and requiring the Reserve Bank to place greater emphasis on banking competition across a range of policies and actions.”

Minister of Commerce and Consumer Affairs Scott Simpson said he would be writing to banks encouraging them to standardise financial information and use digital technologies to help customers compare products and loan options across banks, and asking them to disclose profitability on transaction, on-call and savings accounts.

“I will also be writing to the Financial Markets Authority asking it to consider broadening its regulatory sandbox trail which allows firms to test innovative products and services in a controlled environment.

“Work is also underway on a single licensing model to cut red tape for innovative financial services.

“This government is committed to driving competition in the banking sector, encouraging innovation and delivering a better deal for consumers.”

“Monitoring and reporting on the committee’s recommendations will be coordinated by the Treasury.”

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– Published by EveningReport.nz and AsiaPacificReport.nz, see: MIL OSI in partnership with Radio New Zealand

Source: Radio New Zealand

Accounting software company Xero has had a significant increase in profit on the back of increased users and revenue.

Key numbers for the six months ended September compared with a year ago:

• Net profit $134.8m vs $95.1m
• Revenue $1.19b vs $996m
• Subscribers 4.59m vs 4.19m
• No dividend

The Wellington-based but Australian-listed company reported increased earnings from individual subscribers, while it moved to build on its acquisition of US payments company Melio.

Chief executive Sukhinder Singh Cassidy said the company had looked to improve revenue generation despite a slowing in subscriber growth.

“Xero’s H1 FY26 results reinforce our ability to deliver as we continue to do what we said we would do, in line with our strategy.

“We have continued to deliver above ‘rule of 40’ outcomes and generate significant cash, underpinned by our disciplined allocation of capital.”

The “rule of 40” is an industry benchmark which combines revenue growth and its profit margin and should be at least 40 percent. It is regarded as an indication of a software-as-a-service company’s financial health.

Xero’s measure increased to 44.5 percent from 43.9 percent a year ago.

Singh Cassidy said the acquisition of US accounting platform Melio Payments would be a significant driver of future growth.

“The acquisition is a significant milestone, creating opportunities to accelerate growth and long-term value. “

She said Xero was also looking to its AI-powered JAX product, which she dubbed a financial superagent that would automate core accounting tasks while bringing efficiencies.

“We see generative AI technology as a significant opportunity to create more value for both our customers and internally at Xero.”

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– Published by EveningReport.nz and AsiaPacificReport.nz, see: MIL OSI in partnership with Radio New Zealand

Source: Radio New Zealand

Infrastructure investor Infratil has reported a strong first-half net profit, with revenue up more than a third to $2 billion.

It said underlying profit rose 7 percent, despite New Zealand’s economy remaining relatively subdued throughout the period ended in September.

Key numbers for the six months ended September compared with a year ago:

• Net profit $631.5m* vs net loss $206.4m**
• Revenue $1.993b vs $1.482b
• Underlying profit $662.4m vs $68.8m
• Total debt $2.62b vs $2.19b as at 31 March
• Total asset value $19b versus $18.3b
• Interim dividend 7.25 cents a share vs unchanged
• *Reflected sale of Manawa Energy resulting net surplus of $606m
• **Net loss reflected a number of one-time costs and a revaluation gain in the year earlier.

Infratil chief executive Jason Boyes said profit growth was largely driven by United States-based Longroad Energy, Australasia’s CDC data centre business, while capital expenses fell $52m to $1.14b on the year earlier.

“Digital and renewable energy thematics are stronger than ever, with CDC and Longroad building strong earnings momentum on the back of new waves of demand,” Boyes said.

“CDC has recently announced 140 megawatts of contracts and Longroad Energy reached financial close for 925MW of new projects.

“Gurīn Energy in Asia is another investment poised for growth and we’re always scanning for other attractive new growth sectors.”

He said the company was about 58 percent on its way to meeting its $1b divestment target, with sale agreements in place for RetireAustralia, Fortysouth and a legacy property asset. A strategic review of Qscan is also underway.

“Our focus is on simplifying our current portfolio and reinvesting in areas with strong thematic drivers, to position Infratil for continued growth and shareholder returns.”

New Zealand business performance

Despite the weak New Zealand economy, Boyes said Infratil’s New Zealand businesses had been largely resilient.

Wellington Airport reported 4 percent growth in underlying profit with international passengers numbers up 7 percent, while domestic passenger numbers fell 5 percent.

Telecommunications company One NZ, which accounted for about 58 percent of underlying profit, saw revenue rise by $14 million on the year earlier.

“Revenues have lifted through a mix of pricing and service initiatives, including the One Wallet loyalty programme and SpaceX text services – with more than 6 million texts now sent via the exclusive satellite service.”

The RHCNZ Medical Imaging business saw a pick-up in scans, though underlying profit fell on lower margins and cost inflation. However, Boyes said the outlook was more positive for the second half.

“This includes creating a standalone teleradiology service provider that will include staff and assets from Infratil’s Australian diagnostic imaging investment, Qscan, ” he said, adding its Qscan’s underlying profit rose 11 percent, with a positive mix of imaging demand and pricing changes.

Boyes said the company was poised for long-term growth, with its increased investment in Contact Energy expected to generate financial flexibility for the firm.

Underlying profit guidance for the full year ending in March was between $1b and $1.05b on a like-for-like basis, or between $960m to $1b following the sale of RetireAustralia and Fortysouth.

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– Published by EveningReport.nz and AsiaPacificReport.nz, see: MIL OSI in partnership with Radio New Zealand

Source: Radio New Zealand

The insurance ombudsman is urging customers not to embellish claims for flood damage.

The Insurance & Financial Services Ombudsman Scheme (IFSO Scheme), which reviews insurance complaints, said with more frequent flooding events, people could risk their recovery by falsifying statements.

Insurance & Financial Services Ombudsman, Karen Stevens, said it’s important to know the consequences of making a false statement on an insurance claim.

“Providing false information can result in your whole claim being declined, not just the items that were inaccurately included. And if you’re found to have committed fraud, then you’ll likely not be able to get insurance in future,” she said.

Stevens said if people are unsure about the details, they should check before submitting their claim.

“Its important to remember that insurance relies on trust. Honesty is always the best policy-especially when so many are relying on insurance to recover from natural disasters,” Stevens said.

The warning follows a recent investigation where an Auckland woman’s claim for flood-damaged household contents was declined.

IFSO Scheme said after the Auckland floods in January 2023, the woman claimed that 43 household items-including large pieces of furniture-had been damaged and thrown away.

But, the insurer’s investigation revealed that some of these items were actually stored at a nearby storage facility.

When questioned, Heather provided a revised list with only 10 items.

The insurer’s findings were that the false statements had been made in support of the claim and, under the policy’s terms, declined the woman’s claim and cancelled her policy.

The customer subsequently made a complaint to the IFSO Scheme, asking them to review the case.

She claimed family members had helped move and dispose of the household items and that she had not visited the storage unit herself.

Despite that, the IFSO Scheme found it was “deliberately reckless” for the woman to claim the items had been thrown out and seek compensation without taking reasonable steps to verify this.

The complaint was not upheld by the IFSO Scheme.

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– Published by EveningReport.nz and AsiaPacificReport.nz, see: MIL OSI in partnership with Radio New Zealand

Source: Radio New Zealand

Former Auckland financial advisor David McEwen has pleaded guilty to all charges for breaching a banning order imposed by the financial markets regulator.

The Financial Markets Authority (FMA) previously issued warnings about financial products and related advice provided by McEwen and his associated entities.

It issued a stop order against McEwen in 2023, and criminal charges were filed against him in December 2024 for breaching the stop order.

FMA head of enforcement Margot Gatland said the agency continued to recommend investors contacted by McEwen or related entities report it to the FMA.

“Ultimately, confident participation in the financial markets can only exist if an intrinsic level of market integrity exists, which stop order provisions serve to facilitate,” Gatland said.

The FMA also previously told former or existing clients of McEwen or subscribers to his publication “McEwen Investment Report” to check their credit and debit card statements for possible unauthorised payments.

The FMA said it received complaints from his clients suspecting card payments were made without their permission.

McEwen is due to be sentenced on 14 January.

McEwen was a business journalist prior to his investment career, and worked for well-known publications, including the Financial Times, National Business Review and Reuters.

He later founded his advisory firm Stockfox, and was a director of McEwen & Associates.

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– Published by EveningReport.nz and AsiaPacificReport.nz, see: MIL OSI in partnership with Radio New Zealand

Source: Radio New Zealand

Tactics like countdown timers and messages showing items fast running out stock when buying things online are being labelled as insidious by Consumer.

It wants such practices banned, saying their use is completely unregulated in New Zealand.

The strategies are known as “dark patterns” and include the likes of hidden fees and making subscriptions hard to cancel.

Consumer surveyed some 1500 New Zealanders and four about a quarter had kept online subscriptions longer than they wanted, while 40 percent said they ran into problems cancelling something because of dark patterns.

“They’re just things that have crept into the online sphere and sort of taken over, they’re kind of ubiquitous now,” Consumer senior investigative journalist Chris Schulz said.

He told Nine to Noon everyday purchases were riddled with dark patterns so people were manipulated and manoeuvred into doing things they might not want to.

Consumer first started looking into the tactics in April and conducted sit-down interviews with some people after its survey.

“And we just sat there and watched them and talked with them as they did it,” Schulz told Nine to Noon.

“So that was booking accommodation through Booking.com, buying concert tickets through Ticketmaster, cancelling a HelloFresh meal delivery subscription and then purchasing flights through Jetstar,” he said.

“And these four seemingly typical things that we all do every day, they’re riddled with dark patterns now.”

Schulz said Booking.com had “scarcity queues” he said, showing messages like “only one left”.

He said Ticketmaster added hidden fees and had countdown timers that pushed people to make quick purchases.

HelloFresh, he said, had a four- to five-step cancellation process, while Jetstar flights had pre-selected options or pushes toward other options.

“People don’t like them… only 6 percent of respondents came back and said that dark patterns are helpful in any way, so people overwhelmingly don’t like them,” Schulz said.

On Nine to Noon he detailed one case study of an Auckland woman buying concert tickets.

“It was her first concert experience since Covid, she was really looking forward to seeing Pink,” he said.

“So she jumped online, got on the pre-sale and she thought these tickets were going to be $200 each, and by the time she got to the checkout she was ending up paying twice that – they were going to be $400, so for two tickets for her it was $800.

“And she told us that she felt pressured because of the countdown time – she did not want to miss out on these tickets,” Schulz said.

He said the woman said the purchase was “a sad story” and it ended up ruining her experience.

With HelloFresh, Schulz said a lot of people recognised they were about to “endure something pretty traumatic” when it came to cancelling.

“There are multiple persuasive techniques they use to try to get you to stay on – whether that is pausing your delivery service, from offering you points or discounts for your friends, like it is just page after page and it takes so much time and you need to have energy to do this because it is so time consuming.

“And because we do not have any kind of restriction or legislation banning these practices, they have just been allowed to spread.”

Online tactics not regulated

Schulz said there was little data on how much dark patterns were costing people.

“You can use a website from overseas and a consumer here in New Zealand will have a completely different experience as someone where there are rules and regulations in force, in Europe perhaps, where things are a little more stringent and they are sort of leading the way on this,” he said.

Schulz said Consumer was calling for the same in New Zealand, and that Australia was looking to ban a lot of the practices.

“So we could ban unfair trade, these could fall under unfair trading practices, the Minister of Commerce and Consumer Affairs could ban them.”

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– Published by EveningReport.nz and AsiaPacificReport.nz, see: MIL OSI in partnership with Radio New Zealand