1. Overview of First Title
1.1 First Title is currently licensed as an insurer in New Zealand under the Insurance (Prudential Supervision) Act 2010 (IPSA). First Title is also a licensed general insurer in Australia, authorised by the Australian Prudential Regulation Authority, and holds an Australian Financial Services Licence (263876).
1.2 First Title provides title insurance policies for both residential and commercial property buyers and owners. Title insurance protects lenders and homebuyers from financial loss arising from defects in a title to a property.
2. First Title’s Fair Conduct Programme
2.1 First Title maintains a Fair Conduct Programme (FCP) which outlines our approach to fulfilling the requirements of Part 6A of the Financial Markets Conduct Act 2023 (FMCA) (as amended by the Financial Markets (Conduct of Institutions) Amendment Act 2022 (COFI).
2.2 This summary provides a summary of the key matters about First Title's FCP in order to assist First Title's consumer policyholders to understand how First Title will comply with the fair conduct principle under COFI and to make informed decisions about dealings and interactions with First Title. We have set out how to make a complaint about First Title's services and products.
3. Overview
3.1 At First Title we are focussed on delivering services in a way that is fair, transparent, and responsive to the needs of our customers. By implementing FCP, First Title aims to promote an organisational culture that prioritises customer outcomes, supports ethical behaviour, and adheres to high standards of conduct in all interactions with customers and stakeholders.
3.2 The FCP has been developed in alignment with COFI requirements and is integrated into First Title's wider governance, risk management, and compliance frameworks. It encompasses the policies, processes, and controls necessary to support fair customer outcomes in the context of First Title's New Zealand operations.
3.3 First Title no longer issues policies directly to new consumers in New Zealand, and is solely the insurer for existing policies. Accordingly, First Title’s FCP focuses on the ongoing maintenance and management of these existing contracts. This focus ensures that even though new HOP policies are not being introduced, First Title remains committed to upholding the highest standards of service and compliance for current policyholders.
4. Compliance with legal obligations
4.1 First Title has established policies, processes, systems, and controls to enable compliance with all legal obligations.
5. Risk Management
Identifying, Monitoring, and Managing Risks
5.1 First Title is committed to actively identifying, monitoring, and managing any conduct risks that may impact compliance with the fair conduct principle.
Roles, Responsibilities, and Accountability
5.2 First Title has established clear roles and responsibilities across the organisation to ensure conduct risks are identified, monitored, and managed effectively. Each team is accountable for identifying potential risks related to their functions and escalating them to senior management as needed.
Recordkeeping for Performance Assessment
5.3 First Title maintains comprehensive records that allow regular assessments of compliance with the fair conduct principle. This includes records of reviews, actions taken to address risks, and any corrective measures implemented.
Regular Reporting to the Board
5.4 Reports on conduct risks and any instances of non-compliance with the fair conduct principle are provided regularly to the Board, ensuring full visibility and accountability at the highest governance levels.
6. Compliance, training and supervision
Identification and Mitigation of Non-Compliance
6.1 First Title actively identifies any conduct that does not align with the fair conduct principle. If a failure to comply is identified, immediate steps are taken to mitigate any adverse effects on consumers.
Procedural Compliance for Employees and Agents
6.2 All First Title employees and agents are required to follow established procedures that promote compliance with the fair conduct principle.
Training on Products, Fair Conduct, and Procedures
6.3 First Title provides initial and ongoing training to relevant employees, tailored to their roles, to ensure they understand the HOP policies, the requirements of the FCP, and relevant procedures.
6.4 First Title regularly checks that each employee has completed the required training and has a reasonable understanding of all material covered.
Competence Assurance
6.5 First Title verifies that each employee is competent for their specific role, ensuring that their work supports fair customer outcomes.
Conduct expectations and dealing with Misconduct
6.6 Clear conduct expectations are set for all employees, emphasising First Title's commitment to fair customer treatment. First Title has established procedures for addressing misconduct transparently and fairly, with documented processes for handling breaches.
Consumer Treatment Monitoring
6.7 First Title actively monitors whether customers are treated fairly, with regular reviews and feedback mechanisms.
Conflicts of Interest
6.8 First Title recognises and prioritise consumer interests by effectively manage conflicts of interest that may arise.
Incentives
6.9 First Title designs and manages incentives to mitigate or avoid the actual or potential adverse effects of incentives on the interests of consumers, as is reasonably practicable.
7. Consumer Communication
Effective Consumer Communication
7.1 First Title is dedicated to clear, concise, and effective communication with consumers, ensuring that information about HOP policies is available and provided in a timely and accessible manner.
8. Programme review and deficiency management
8.1 First Title regularly reviews the effectiveness of the FCP and systematically identifies any deficiencies in policies or processes that may affect fair customer outcomes.
8.2 When deficiencies are identified, First Title promptly addresses and corrects them, with any necessary changes implemented as soon as practicable.
8.3 First Title commits to complying with any further requirements or regulations introduced under the COFI framework, adapting the FCP as necessary to maintain alignment with evolving standards.
9. Complaints
9.1 First Title has a policy for handling complaints by consumers. A complaint can be made to First Title through a variety of channels including verbally, email, letter, through our websites or any other form of communicaion. Tosummarise our approach to complaints:
(a) On receipt of a complaint, we will acknowledge it promptly so you know that we have received your concerns and will assess your complaint.
(b) Where popssible, we will seek to resolve your complaint within 5 business days of receiving it. Where appropriate we will have someone not involved in the matters the subject of your complaint undertake the assessment of your concerns. We will contact you to explain the outcome of our investigation and explain our response to your concerns.
(c) If we cannot resolve the complaint within 5 business days or if it is appropriate that we respond more formally,or if you seek a written response, then we will provide a final Internal Dispute Resolution ("IDR") response. An IDR assessment of your complaint is an investigation of your complaint by an independent person in the Legal, Risk and Compliance team and preparation of a formal written response to your complaint.
(d) A final IDR response will be provided no later than 30 days after receipt of your complaint unless the complaint is particularly complex or our investigation is delayed by circumstances outside our control. We will contact you to explain this if the final IDR response will be provided more than 30 calendar days after receipt of your complaint.
(e) You may contact us at any point during our investigation to provide more information, documents or submissions. We will consider all information, documents or submissions that your provide to us when assessing your complaint.
9.2 First Member is registered on the Financial Service Providers Register (FSP Number FSP139144) and is a member of the Insurance & Financial Services Ombudsman (IFSO) dispute resolution scheme. IFSO provides a free and independent mechanism for investigating and resolving complaints. Time limits may apply to lodging complaints with IFSO and guidance or information should be sought from IFSO. IFSO may be contacted at www.ifso.nz orby calling 0800 888 202.
9.3 Further information about First Title's complaints policy can be found at firsttitle.com.au/contents/complaints-handling-policy