News Round Up

More time to comment on adviser regulation, AMP grows adviser network, High CFA pass rate, Sentinel goes to Spain

Monday, August 28th 2006, 6:17AM

Financial advisers and others who want to make submissions on the rules proposed in the recent discussion document on financial intermediaries are to have another month to do so.

Ministry of Economic Development officials say there were “a large number of requests” for an extension, and the deadline is now October 1.

AMP recruits more advisers
AMP's adviser network is rapidly expanding, with the addition of 38 new advisers over the past six months. It recruited 48 advisers in 2005, and its total adviser force now numbers 347.

AMP managing directors Greg Camm says AMP have continued to raise the standard of professionalism amongst its advisers, by introducing a new operational compliance component to our industry-leading quality assurance programme.

High CFA pass rate

Of the 40 New Zealand-based individuals who in June 2006 took the third and final exam that leads to the CFA designation, 81% passed compared to 76% of the 16,283 candidates globally.

For the other June 2006 exams, the Level I New Zealand pass rate was 48% compared to 40% globally and the Level II New Zealand pass rate was 56% compared to the global pass rate of 48%.

Candidates who passed the Level III exam will receive their CFA charters last this year, providing they also have completed the minimum work-experience requirement of four years in the investment industry, signed a commitment to abide by the CFA Institute Code of Ethics and Standards of Professional Conduct, and become a member of CFA Institute.

Sentinel goes to Spain
A week after announcing its entry into South Africa, Sentinel has said that it will launch in Spain too.

It is initially tackling the expatriate market which represents around 10% of Spain’s 44 million population.

Sentinel has teamed up to form Seniors Money Spain with Blevins Franks International, established more than 30 years ago. With 12 offices located in Spain, it is the largest firm of financial advisers to retired expatriates in Southern Europe.

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