News Round Up

IFA reviewing professional standards; FundSource now interested in capital protection.

Monday, March 23rd 2009, 5:28AM

The Institute of Financial Advisers (IFA) is reviewing its professional standards due to the changing nature of international standards around advice.

IFA chief executive David Hutton says that the standards are based on international best practice; because international standards are changing the institute feels it needs to address what it does.

A draft of the new standards is being circulated to members, who have until May 31 to provide their feedback.

The document covers; Code of Ethics, Practice Standards, Rules of Conduct, Glossary and Guidelines on Financial Advice documents.

IFA is looking to finalise changes in November, with new rules coming into play in January 2010.

FundSource now interested in capital protection
FundSource has done a U-turn on capital protected funds and will be providing independent research reports on Liontamer’s future offers.

Under its former ownership FundSource was anti-capital protected funds and didn’t research the offers in the market, even going to the point of producing material critical of these types of funds.

However, under its NZX-ownership there has been a change in stance.

Liontamer says getting FundSource to provide research is one of the new initiatives it has been working on. It says the move is designed to “set a whole new benchmark for its next range of capital protected funds.”

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