tmmonline.nz  |   landlords.co.nz        About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds

NZ's Financial Adviser News Centre

GR Logo
Last Article Uploaded: Friday, November 1st, 10:39AM

News

rss
Latest Headlines

Single association would have more clout: Dodds

A united professional association representing financial advisers would have more chance of picking up regulatory and compliance functions for the industry, the chief executive of the Institute of Financial Advisers (IFA) says.

Wednesday, February 17th 2016, 6:00AM 1 Comment

by Susan Edmunds

A Code Committee submission in response to the Financial Advisers Act options paper from the Ministry of Business, Innovation and Employment cautioned against handing more of an oversight role to the professional bodies. 

MBIE had suggested they could play a bigger role.

But committee chairman David Ireland said there were too many associations and they risked undermining public confidence if their governance of the sector looked self-interested.

The IFA and PAA operate alongside IBANZ, SIFA, NZFAA and the Triple A Adviser Association, among other groups.

IFA chief executive Fred Dodds said the question of whether some of the professional associations should combine to become one was being discussed.

The IFA and PAA already hold joint conferences.

Dodds said most of the professional bodies thought unification was a good idea.  “It is challenging but it will happen. Advisers generally are saying it seems like a good idea, see if you can make it happen. That’s being worked on.”

He said: “If there was one professional body, at the moment the regulator looks at it and says it’s not quite there, there’s too many of you. We’ve got to prove to the regulator and prove to the public and ourselves that we want to be a bigger professional body helping grow public confidence in financial advisers.

“If in two or three years’ time when we have got 3000 or more members of one bid body the code committee would say surely they could do something for us and the regulator would say that’s a big bunch of advisers represented, we need to listen to them a bit more.”

Dodds said there were a number of former members getting in touch with the association, wanting to rejoin. Many wanted access to CPD options and professional development days, he said.

Even QFE advisers had wanted to join, he said. “It’s an exciting but challenging future for adviser bodies. At least we’re talking in a far more positive way than five years ago.”

Tags: Code Committee Financial Advisers Act IFA

« Don't give professional bodies regulatory role: CommitteeLVR restrictions to be reviewed »

Special Offers

Comments from our readers

On 19 February 2016 at 4:24 pm Tash said:
A single association will only work if all the various disciplines, Life, F&G insurance, Investment and mortgage advisers are all equally and properly represented. The IFA has failed hopelessly at achieving this so far.

I agree multiple Associations for the same discipline dilutes the volume of the noise each makes but separate associations per discipline may be the realistic option if you want noise that makes sense and properly represents it's members.

Sign In to add your comment

 

print

Printable version  

print

Email to a friend
News Bites
Latest Comments
Subscribe Now

Weekly Wrap

Previous News
Most Commented On
Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
AIA - Back My Build 5.44 - - -
AIA - Go Home Loans 7.99 5.99 5.69 5.69
ANZ 7.89 6.59 6.29 6.29
ANZ Blueprint to Build 7.39 - - -
ANZ Good Energy - - - 1.00
ANZ Special - 5.99 5.69 5.69
ASB Bank 7.89 5.99 5.69 5.69
ASB Better Homes Top Up - - - 1.00
Avanti Finance 8.40 - - -
Basecorp Finance 9.60 - - -
BNZ - Classic - 5.99 5.69 5.69
Lender Flt 1yr 2yr 3yr
BNZ - Mortgage One 7.94 - - -
BNZ - Rapid Repay 7.94 - - -
BNZ - Std 7.94 5.99 5.69 5.69
BNZ - TotalMoney 7.94 - - -
CFML 321 Loans 6.20 - - -
CFML Home Loans 6.45 - - -
CFML Prime Loans 8.25 - - -
CFML Standard Loans 9.20 - - -
China Construction Bank - 7.09 6.75 6.49
China Construction Bank Special - - - -
Co-operative Bank - First Home Special - 5.79 - -
Lender Flt 1yr 2yr 3yr
Co-operative Bank - Owner Occ 7.65 5.99 5.75 5.69
Co-operative Bank - Standard 7.65 6.49 6.25 6.19
Credit Union Auckland 7.70 - - -
First Credit Union Special - 6.40 6.10 -
First Credit Union Standard 8.50 7.00 6.70 -
Heartland Bank - Online 7.49 ▼5.65 ▼5.55 ▼5.55
Heartland Bank - Reverse Mortgage - - - -
Heretaunga Building Society 8.90 7.00 6.50 -
ICBC 7.49 5.99 5.65 5.59
Kainga Ora 8.39 7.05 6.59 6.49
Kainga Ora - First Home Buyer Special - - - -
Lender Flt 1yr 2yr 3yr
Kiwibank 7.75 6.89 6.59 6.49
Kiwibank - Offset 8.25 - - -
Kiwibank Special 7.75 5.99 5.69 5.69
Liberty 8.59 8.69 8.79 8.94
Nelson Building Society 8.44 ▼6.39 ▼6.09 -
Pepper Money Advantage 10.49 - - -
Pepper Money Easy 8.69 - - -
Pepper Money Essential 8.29 - - -
SBS Bank 7.99 6.95 6.29 6.29
SBS Bank Special - ▼6.15 5.69 5.69
SBS Construction lending for FHB - - - -
Lender Flt 1yr 2yr 3yr
SBS FirstHome Combo 5.44 ▼5.15 - -
SBS FirstHome Combo - - - -
SBS Unwind reverse equity 9.75 - - -
TSB Bank 8.69 6.79 6.49 6.49
TSB Special 7.89 5.99 5.69 5.69
Unity ▼7.64 5.99 5.69 -
Unity First Home Buyer special - 5.49 - -
Wairarapa Building Society 8.50 ▼6.19 ▼5.79 -
Westpac 8.39 6.89 6.39 6.39
Westpac Choices Everyday 8.49 - - -
Westpac Offset 8.39 - - -
Lender Flt 1yr 2yr 3yr
Westpac Special - 6.29 5.79 5.79
Median 7.99 6.17 5.79 5.69

Last updated: 30 October 2024 9:36am

About Us  |  Advertise  |  Contact Us  |  Terms & Conditions  |  Privacy Policy  |  RSS Feeds  |  Letters  |  Archive  |  Toolbox  |  Disclaimer
 
Site by Web Developer and eyelovedesign.com