Banks avoid training costs under new rules, says PAA
Professional Advisors Association chief executive Dave McMillan predicts a jump in advisers seeking training to become registered with the Securities Commission, a requirement for those planning to give advice on so-called category one products.
Banks can avoid training costs because the new legislation exempts employees and agents of qualifying financial entities, McMillan told members at a roadshow meeting in Wellington.
Older financial advisers are more likely to retire than go through the process of up-skilling to meet the tighter rules, he said.
McMillan was commenting on a consultation paper put out by the Securities Commission that aims to develop a code of conduct for the industry and standardise qualifications.
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