‘5 mins with the FMA’ Podcast #21 Insurer benefits and campaigns insights

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Accept [Back](https://www.fma.govt.nz/library/podcast/ "Podcast") 16 June 2026 # ‘5 mins with the FMA’ Podcast \#21 Insurer benefits and campaigns insights  [Share to facebook](https://www.facebook.com/sharer/sharer.php?u=https%3A%2F%2Fwww.fma.govt.nz%2Flibrary%2Fpodcast%2F5-mins-with-the-fma-podcast-21%2F) [Share to LinkedIn](https://www.linkedin.com/sharing/share-offsite/?url=https://www.fma.govt.nz/library/podcast/5-mins-with-the-fma-podcast-21/) [Share to X](https://twitter.com/intent/tweet?text=%E2%80%985+mins+with+the+FMA%E2%80%99+Podcast+%2321+Insurer+benefits+and+campaigns+insights%E2%80%AF%3A+https%3A%2F%2Fwww.fma.govt.nz%2Flibrary%2Fpodcast%2F5-mins-with-the-fma-podcast-21%2F) [Share by Email](https://www.fma.govt.nz/subscribe-to-fma-news-and-alerts) [Print this page](https://www.fma.govt.nz/library/podcast/5-mins-with-the-fma-podcast-21#) [Back to top](https://www.fma.govt.nz/library/podcast/5-mins-with-the-fma-podcast-21#page-top) Join Michael Hewes, Director of Deposit Taking, Insurance and Advice, as he discusses the risks incentives can pose to fair consumer outcomes. - Why non‑monetary benefits and sales campaigns can create conflicts of interest - What insurers need to consider under CoFI and Fair Conduct Programmes - Where the FMA is seeing gaps in incentive design, governance and oversight Listen now for a practical overview. **Read the full paper here: [Insurer benefits and campaigns insights](https://www.fma.govt.nz/library/reports-and-papers/insurer-benefits-and-campaigns-insights/ "Link to report page")** * * * 5 mins with the FMA \| Insurance Incentives Report - YouTube Tap to unmute [5 mins with the FMA \| Insurance Incentives Report](https://www.youtube.com/watch?v=SNQaOxEC8DE) [NZFMA](https://www.youtube.com/channel/UCdEF_dWppJ_f-pmBLywABDA) NZFMA746 subscribers Podcast Episode Audio Player 00:00 00:00 \| 05:09 More Info New Zealand's Financial Market's Authority Podcasts #21 Insurance Incentives Report Jun 11, 2026Season 2Episode 21 Financial Markets Authority NZ Join Michael Hewes, Director of Deposit Taking, Insurance and Advice, as he discusses the risks incentives can pose to fair consumer outcomes. - Why non‑monetary benefits and sales campaigns can create conflicts of interest - What insurers need to consider under CoFI and Fair Conduct Programmes - Where the FMA is seeing gaps in incentive design, governance and oversight Listen now for a practical overview. Read the full paper here: [Insurer benefits and campaigns insights](https://www.fma.govt.nz/assets/Reports/Insurer-benefits-and-campaigns-insights.pdf) Share Share Episode [Share on Facebook](http://www.facebook.com/sharer.php?u=https://www.buzzsprout.com/2014810/episodes/19328286-21-insurance-incentives-report "Share on Facebook") [Share on Twitter](http://twitter.com/intent/tweet?text=Listening+to+%22%2321+Insurance+Incentives+Report%22+at+&url=https%3A%2F%2Fwww.buzzsprout.com%2F2014810%2Fepisodes%2F19328286-21-insurance-incentives-report "Share on Twitter") [Share on LinkedIn](https://www.linkedin.com/sharing/share-offsite/?url=https%3A%2F%2Fwww.buzzsprout.com%2F2014810%2Fepisodes%2F19328286-21-insurance-incentives-report "Share on LinkedIn") [Download](https://www.buzzsprout.com/2014810/episodes/19328286-21-insurance-incentives-report.mp3?client_source=small_player&download=true "Download episode (opens in new tab)") [Apple Podcasts](https://podcasts.apple.com/us/podcast/5-mins-with-the-fma/id1634086337) [Spotify](https://open.spotify.com/show/063cwYTCyYOUgxpGChiAwJ) [More](https://www.buzzsprout.com/2014810/episodes/19328286-21-insurance-incentives-report?client_source=twitter_card&iframe=true#) [Apple Podcasts](https://podcasts.apple.com/us/podcast/5-mins-with-the-fma/id1634086337) [Spotify](https://open.spotify.com/show/063cwYTCyYOUgxpGChiAwJ) [Overcast](https://overcast.fm/itunes1634086337) [Amazon Music](https://music.amazon.com/podcasts/b0be65ec-c1d2-401d-8a74-78ed710ac911) [iHeartRadio](https://www.iheart.com/podcast/269-5-mins-with-the-fma-99163240/) [Podcast Addict](https://podcastaddict.com/podcast/4023241) [Castro](https://castro.fm/itunes/1634086337) [Castbox](https://castbox.fm/vic/1634086337?ref=buzzsprout) [Podchaser](https://www.podchaser.com/podcasts/5-mins-with-the-fma-4786693) [Pocket Casts](https://pca.st/vy5jtlxn) [Podcast Index](https://podcastindex.org/podcast/5567053) [Goodpods](https://www.goodpods.com/podcasts-aid/1634086337) [TrueFans](https://truefans.fm/5aa0f46e-d21e-5074-af4e-b97177acd963) [RSS Feed](https://feeds.buzzsprout.com/2014810.rss) \+ Expand all\- Collapse all ## Transcript Rachael Kia ora and welcome to Five Minutes with the FMA, a podcast from New Zealand's Financial Markets Authority. Today we're talking about how non-monetary benefits and short duration sales campaigns can heighten the risk of consumer harm if not managed and designed appropriately. I'm Rachel Joel and today I'm joined by Director of Deposit Taking Insurance and Advice, Michael Hughes. Let's start with the why? Michael Thank you for hosting me today, Rachel. It's great to be here. Look, under KOFI, insurers have a certain amount of responsibility, and the responsibility sits with the fair conduct program. And the fair conduct program must include effective policies. It's got to include effective processes, systems and controls for designing and managing incentives. And it's really, really important. We expect insurers to go through and mitigate or avoid any actual or potential adverse impacts or effects that these incentives might have on the interests of consumers so far as reasonably practical. Look, insurers need to go through and consider what the impact on consumers will actually be by running these incentives. We want to understand what the risk that the incentives actually bring. So are they going to influence or produce undue behaviors? Are they going to create conflicts? Ultimately, whether... consumers will be treated fairly and it's really, really important. Insurers also need to consider the inherent risk to consumer interests. So, is it going to go through and sway behaviours, etcetera? And if insurers decide to go through and run these types of incentives, we expect them to be able to show us and demonstrate quite clearly what the controls are and how do these controls work in practice. Rachael So with this work you're looking to understand whether insurers had the right policies, processes, systems and controls in place and were managing those risks. Michael Yep, look very much so. we engage with insurers. to actually understand what types of soft commissions they offer, how they design them, how they manage these benefits and the campaigns, and also how do they take into account consumers' interests, and that's really, really quite critical. So benefits and campaigns themselves can create conflicts of interest. We know that. They compromise fair treatment of consumers, and it's something that we're really focused on, Rachel. Rachael And what did you find? Michael It was mixed. Some insurers had some really good processes an