AMP: Concern over advice quality
Last month, Australia’s big four banks and AMP moved to require higher standards.
AMP told its 3800 Australian advisers that within five years they must all have CFP accreditation, Fellow Chartered Financial Practitioner accreditation or a master’s in financial planning.
That prompted pundits to suggest that New Zealand’s industry might soon follow suit.
AMP director of advice and sales Blair Vernon said:: "The conditions prevailing in the Australian advice market are unique and don't reflect developments currently relevant to our market in New Zealand. There have however, been areas of real concern over the quality of advice in some sections of the industry, particularly in respect to some finance company investments post the GFC, and we therefore have no basis for complacency.”
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