Philip's Christmas message

2016 has been a challenging year for most people in our industry and it's time to reflect, relax and recharge for next year. For financial planners have to, once again, confront, regulation with a review of the Financial Advisers Act. Where this goes is a little unknown with a new Minister of Commerce coming on board.

On the plus it is good to see the associations working together on the Financial Advice New Zealand project.

Fund managers have had their heads buried in the murk of regulation and have had to get through the FMCA licensing process. It seems this has been a big distraction from business as usual for many, especially the smaller guys.

From what I hear the cost of being compliant, and remaining compliant, comes at a large cost for fund managers.