[Weekly Wrap] Industry architects revealed

This week we learnt the names of the 10 people who will shape the financial advisory industry for the foreseeable future.

Friday, July 24th 2009, 4:31PM

Judging by feedback most advisers will have seen the list - if you haven't it's here.

The feedback so far has been mixed, but it would be fair to say that Code Committee appears to be light on practical adviser experience.

As one industry player noted, the committee is dominated by lawyers, independent directors, and managers of product suppliers.

"It looks more like a group brought together for governance than one assembled for detailed design."

For more views on the committee make up read this Blog.

A number of readers have left comments here, and we would love to hear your thoughts on the make up of the committee.

To round out our regulation coverage we have a piece here bringing advisers up-to-date with reaction to the changing environment.

The other story which grabbed me this week was the one from NZX-listed Pyne Gould about its plans to convert Marac into a bank and buy the asset management business of George Kerr. As we spell out in this story Kerr has been a significant player in the industry over the years, although he has had a low profile for some time.

Yes, a week can't go by without a story (two in fact) on ING's DYF and RIF funds. In today's piece Paul McBeth reports on what Banking Ombudsman Liz Brown told the Commerce select committee yesterday. I think her comments about advisers selling funds they didn't fully understand is a lesson all advisers should never forget.

The second story is that some other banks may offer ING's investors a cash account rate around the same level as what ING and ANZ are offering the DYF and RIF investors.

The other fund story this week is about NZ Super Fund dropping two more of its local managers; this time Smartshares and ING. The full story is here.

Depositrates.co.nz continues to be busy with a number of stories worth reading.

Kiwibank's cash PIE has cracked the $1 billion mark, the wind up of the Money Managers First Step trusts has slowed down due to a deteriorating market and we sum up the rate changes for the week here.

Our main Insurance News article this week is on Workplace insurance - protecting the workers.

AXA's Mark Ennis says that "the rapidly changing environment of today's business world presents many opportunities for success. One of the main ingredients in this success is staff. Attracting the right people is essential for any business and providing security and stability for them and their families helps create loyalty and productivity."

Read the full story here.

And to wrap the wrap we have a few new appointments in the People Page.

Have a great weekend.
Philip

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