News Round Up

Select Committee hearings on advisers brought forward; New association officially confirmed, For Barr gets into KiwiSaver; DecisionMakers buys firm. Parliament's Finance and Expenditure Select Committee is due to start hearings on the Financial Advisers Bill and the Financial Service Providers (Registration and Disputes Resolution) Bill this week.

Monday, July 7th 2008, 5:58AM

Parliament's Finance and Expenditure Select Committee is due to start hearings on the Financial Advisers Bill and the Financial Service Providers (Registration and Disputes Resolution) Bill this week.

Earlier the select committee had indicated the hearings would be held later in July raising the question whether the changes would pass through Parliament before the election.

Official confirmation of new group
As Good Returns reported some time ago the four main associations representing advisers have created a more formal body than the G4.

The Life Brokers Association (LBA), Society of Independent Financial Advisers (SIFA), Professional Advisers Association (PAA), and the Institute of Financial Advisers (IFA) have created, as reported, the Financial Advisers Association of NZ (FAANZ).

The inaugural chairman is Richard Thomas, the immediate Past President of the PAA. His focus will be upon the governance and structural issues. The association's spokesperson is Tony Vidler, a board member of the IFA.

"A short term focus for FAANZ will still be trying to persuade authorities to remove some of the unworkable aspects of draft legislation concerning all financial advisers," Vidler says

For Barr gets into KiwiSaver
Forsyth Barr has launched its KiwiSaver scheme which allows investors to build their own portfolios.

The scheme gives investors flexibility and choice - enabling them to select their preferred investment sector exposures.

Alternatively it offers two standard portfolio options to choose from, with predetermined investment sector exposures - a Balanced option and a Growth option.

DecisionMakers buys Northland firm
Advisory firm DecisionMakers has purchased the investment and financial planning business of Whangarei practice, World Wise Financial Services. This acquisition expands the DecisionMakers network to eight practices throughout the North Island.

DecisionMakers was formed in 2006 by a group of advisers who previously belonged to Broadbase.

Outside, inside out disclosure
The introduction of disclosure statements (DS) is something I have watched with more than a little interest. [more]

« Weekly Wrap: Educating the younger generation

Sovereign takes regulation bull by the horns »

Special Offers