162 offer FAA feedback

MBIE says it is pleased with the level of feedback it has received in response to the Financial Advisers Act review issues paper.

Friday, July 31st 2015, 6:00AM

by Susan Edmunds

The paper set out the key things that MBIE thinks may be up for discussion in its review of the legislation. It was a lengthy document that asked more than 80 questions. Respondents did not have to offer input on every point.

There were 162 submissions made from organisations and individuals and 249 people responded to the shorter consumer brochure.

MBIE also received feedback through workshops and meetings.

A spokeswoman said the Ministry was now analysing submissions and feedback and would offer further opportunities to provide feedback later in the year.

She said the response to the issues paper had been good. “We had a strong response from both organisations and individuals. It's great to hear all the different views and we are very pleased with the level of engagement in the review process so far.”

Institute of Financial Advisers chief executive Fred Dodds said the 162 submissions would include those from the professional associations, FSC, Massey University, QFEs, life companies and groups representing lawyers and accountants.

He said there would likely have only been 60 individual adviser applications at most.

But he said the IFA had polled its members before making its submission, to get their feedback on the stance they wanted the association to take. It received 160 responses. “On that basis perhaps the IFA members say they’ve effectively given an individual response because they answered the IFA survey.”

Dodds said there was a lot of interest in the issues paper because it was the first time in five years that advisers had been able to make a formal submission on the legislation that governs the industry. “There are some issues that advisers feel strongly about.”

So far, submissions seem to reveal a widespread agreement that it would be better for the industry if there was one adviser designation.

Dodds said that reflected a desire to “tidy up the bottom end” of the market.

Tags: Financial Advisers Act MoBIE