News Round Up

Financial Advisers Act implementation begins; Guardians help drive corporate behaviour; Ellerlie Cornwall gets new name

Monday, November 3rd 2008, 5:18AM

Approval has now been given to bring into force parts of the Financial Advisers Act, which allows officials to start work on its implementation, Commerce Minister Lianne Dalziel says.

The approval sets in place administrative provisions that mean officials can start working towards the successful full implementation of the Act.

Obligations for financial advisers to be authorised and registered and to make appropriate disclosure are expected to come into force in 2010.

“Over the next year officials will be consulting with the finance industry on the details of the Act’s implementation.

“The lead in time will give the Securities Commission and industry time to plan, and put in place processes and systems which will make the regime work when the Act is fully in force in 2010,” Lianne Dalziel said.

An important part of the Act, that will be implemented shortly, allows for the appointment of the Commissioner for Financial Advisers. This in turn will mean the Commissioner can begin work on establishing a Code Committee for the development of the relevant rules for the code of professional conduct for financial advisers.

Guardians help drive corporate behaviour

The NZ Super Fund is part of a world-wide effort to encourage listed companies around the world to embrace international standards on human rights, working conditions, the environment and anti-corruption.

It is being organised by a group of 52 significant investment funds who manage around US$4 trillion in assets. The group is writing to over 8,900 listed companies.

“This initiative underlines our commitment as shareholders to encourage better corporate practices across global markets,” says the fund’s head of responsible investment Anne-Maree O’Connor.

The initiative was launched Monday October 27 in London by the United Nations Principles of Responsible Investment.

Ellerlie Cornwall gets new name
IRG Group has completed the acquisition of Tauranga advisory firm Ellerie Cornwall and rebranded it.

The business is now trading under the name of IRG (BOP) and all staff and advisers have been retained.

“The enlarged group gives services and product offerings that were not available previously,” IRG chief Brent King says. “Areas such as media, research plus a physical office allows for an ability to service clients better in these changeable times.”

King says since the acquisition IRG has had approaches from a number of advisory groups. “We are investigating potential acquisitions but we are a long way from signing any contracts. Transactions generally take three to five months,” he says.

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