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Housing consents down in February

Friday 30th of March 2012

The trend for the number of new houses, including apartments, has risen 23% since April 2011, the lowest point in its 30-year history.

"February's decrease partly offsets the January increase, which was due to the relatively large number of apartments approved in January," said industry and labour statistics manager Blair Cardno.

"As a result, February's level is similar to December's."

Statistics NZ figures revealed that in February consents were issued for 1,204 new homes, including apartments, (up 24% on February 2011), 1,142 new houses, excluding apartments (up 29%) and 62 new apartments, all of which were retirement village units, down from 89 apartments.

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The Report (p.14) contains the following recommendation for FAPs: "Disclose commissions as a dollar figure. While commissions can be disclosed as either a percentage or dollar figure, we consider disclosure in dollar terms to be good practice to assist with investors readily understanding what the adviser will get out of the advice process." Disclosing commission in dollar figures was one of the 3 options floated in the April 2018 Disclosure Requirements discussion paper from MBIE. This option was ultimately rejected in favour of a principles-based approach. The examples of commission disclosure in the resulting Regulations ("Connor and Ari") are expressed in percentage terms. While the FMA may hold the view that disclosure in dollar terms is "good practice", this is not where the regulations landed at the conclusion of the 2018 consultation process.
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@first time caller - I can see the complexity you highlight, but as above, investors should be able to see what they are paying without having to reference multiple documents. Investment admin can track and report deductions for tax, withdrawals, fees et al, would be /should be straightforward to aggregate advice fees into costs at member level... at least I hope so.
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