ISI to advocate major changes to advisers: Arkinstall
The chairman of the task force looking at regulation of financial advisers has said that the group is approaching the job with an “open mind” and that it doesn’t have any preconceived ideas.
Thursday, January 27th 2005, 6:34AM
Michael Webb, speaking on National Radio’s personal finance programme, also said that the Government are “very serious about this review.”
Also on the programme the chief executive of the Investment Savings and Insurance Advisers Association, Vance Arkinstall, said the review isn’t happening because organisations, such as the companies which make up the association’s membership, have failed to convince the government that they run a sound business.
He said that the advisory industry is “fiercely competitive” and “complex”. This makes it hard for the industry to make changes itself.
He said the ISI welcomed the review, and it “will be advocating some fairly major changes to improve the position.”
The ISI does not necessarily want more regulation, he says, however it would like to see changes to help improve the public confidence in advisers which would help lift the country’s poor savings rate.
Meanwhile Money Managers managing director Doug Somers-Edgar said the taskforce was “absolutely essential”.
The biggest risk to the industry was unqualified advisers with no training or resources giving the public bad advice.
The taskforce has released two papers seeking feedback. One is an Issues Paper which is designed to determine what the issues are and the second is a paper called Your Views which is seeking public feedback on their experiences with advisers.
Copies of the papers can be downloaded from http://financialadvisers.med.govt.nz or can be obtained by calling toll free 0508 827536
Phil's Blog: Where will the new minister take the taskforce? Click here to find out http://blog.goodreturns.co.nz/
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