PAA chief executive resigns

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The Professional Advisers Association chief executive, Edward Richards, has decided it is time to move on after three years in the role.

Thursday, October 4th 2012, 6:00AM 1 Comment

The board announced his resignation last night and acknowledged the work Richards had done in the past three years as advisers moved into a regulated environment and the PAA amalgamaed with the NZ Mortgage Brokers Association.

Richards' resignation follows that of Peter Lee who earler this year left the CEO role of the Institute of Financial Advisers.

PAA chairman Peter Leitch, said Richards had put in significant efforts behind the scenes with Government, "especially in the area of advocating members’ interests and tirelessly promoting the adviser business model throughout."

"The board appreciates Edward’s contribution over a period of extensive regulatory and organisational change,” Leitch said. “The PAA is now well positioned to support members in the newly regulated environment.”

"He’s made a lasting impression through his work assisting with the compliance framework for advisers and leading the PAA’s input to the Code Committee and more latterly, the FMA.”

The PAA developed a strong reputation as an adviser business advocate during the Code Committee’s deliberations on the new Code of Professional Conduct, and “Edward was key to this outcome” Mr. Leitch continued.

Richards came from outside the financial services industry but expects to continue to have some involvement with. Currently he does not have a new role to go too.

He says that amalgamation with the NZMBA has created a better resourced professional body representing a diverse group of advisers.

Richards is confident that he was leaving the PAA at a time when the organisation was able to look towards its 60th year with considerable confidence.

“I have enjoyed the chance to show leadership and advocacy on behalf of advisers at a time of relentless change in financial services. The role has given me real impetus - and a skill base – in financial services. Now I am part of that change, and it’s time for the next challenge.”

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