Financial advice, complaints process changes and clarification of consequences of fraud
At Southern Cross it’s important that we are doing the right things for our members and potential members, and we’ve been working on several changes to our policy documents around how we provide advice, our complaints process and clarifying what the consequences are for fraud.
Rest assured there is no change to your cover under your policy. You still receive the same benefits on your policy as before, but we have updated some parts of the policy documents to reflect our licensed financial advice provider status, and the way we protect against fraud. You can view the updated policy documents here.
On Monday 15 March 2021, the Financial Services Legislation Amendment Act 2019 brings into effect a change in the way financial advice is regulated in New Zealand. This includes a requirement that financial advice providers have a licence issued by the Financial Markets Authority, and new duties that financial advice providers, and those that provide financial advice on their behalf, must comply with.
Southern Cross has a financial advice provider’s licence and our nominated representatives are here to give you advice about our health insurance products and to help you understand which of our plans best suit your specific needs and/or the needs of your family members. Find out more about the advice we are able to give you.
Clarifying consequences of fraud
As a not-for-profit Friendly Society that operates for the benefit of members, we need to make sure we’re protected in cases where a member is not truthful about their medical history or personal details or a claim they have submitted. We want to have confidence that when we pay claims for members, they’re genuine. We’ve made some wording changes to our policy documents to clarify the process we will follow to investigate suspicious claims and ensure that it’s clear that if anyone has lied or given us false information in respect to that claim, we have the right not to pay the claim.
We’ve also reviewed and updated our complaints process for you to follow should you ever be unhappy about our services, benefits or any financial advice provided. This is to ensure a robust process for resolution of complaints if you are ever dissatisfied. Find out more about our complaints process.
We’re here to help
If you have any questions relating to these changes, please contact us.