Bill's quality and quantity aims 'a possible conflict'
The new Financial Services Legislation Amendment Bill is intended to improve both New Zealanders’ access to advice, and the quality of the service provided.
Financial law expert David Ireland, of Kensington Swan, said there could be seen to be a conflict between those two aims.
A challenge for the working group would be to ensure they improved both with the new code, he said. “And a drive to increase quality doesn’t cut off availability.”
Institute of Financial Advisers chief executive Fred Dodds said some of the “accessibility” question would be answered with information-only services from bigger providers, or roboadvice solutions. “That’s seemingly being seen as the answer to everyone’s worries.”
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