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My point was the FPIA President and Board have been on record as stating the members will be consulted on what the FPIA proposes to present to the task force. The annual report presents a done deal. The board has decided to adopt the self regulating organization model. The model has merits as it allows advisers who are part of distribution organizations who are not necessarily members of the FPIA to use their distribution organization to become a SRO. The likes of the Mortgage Brokers Assn, Share Brokers Assn, SIFA, AMP, AXA/Spicers, Money Managers, Tower/Goldridge, Life Brokers Assn, Gareth Morgan, Portfolio Group can retain their own identity and standards under the common umbrella of Self Regulatory Organizations. The plus side will be Advisers can at least cherry pick which organization they may wish to join, however a downside could be father fragmenting the professions public voice.
I would have thought one of the first groups the Taskforce spoke to was the FPIA - they are afterall the largest body representing advisers in New Zealand.
I felt the FPIA outlined its preferred option well in its recently-released annual report. The question Mike is what do you think of those proposals?
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I can't answer the question on whether the task force has been set up to fail. But I have got to wonder what the FPIA are proposing to present to the task force. The FPIA President stated members have already and will continue to be consulted. I ain't been consulted nor do I know of any other member/s who have been consulted. It gets better, the FPIA Board Members don't know what the FPIA are going to present to the task force. To top things off both the President and Board are not sure whether they will be meeting with the task force or presenting a written submission.