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FMA Warning On Misleading Insurance Advice Welcomed By Financial Advice NZ

Financial Advice NZ welcomes warnings from the Financial Markets Authority around misleading advice that people need insurance to cover medical bills for COVID-19.

“This is not the sort of thing that should be happening at this time and we support moves to stamp it out. We are alerting our members to this.

“People with infectious diseases in New Zealand do not need health insurance – everyone is covered by the public health system – and we are reinforcing that.

“When people consult a financial adviser at any time, let alone during such uncertain times as we are currently experiencing, they must be able to do so with confidence knowing that advice is fair and lawful and based on the latest and most accurate information available.

“These are the behaviours Financial Advice NZ and its 1600 adviser members live by every day.

“We will continue to pour all our efforts into supporting and advising consumers through these volatile times, and support any steps the FMA takes to stamp out behaviour that attempts to take advantage of the stress people are going through.”

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