Regs look too heavy for sole practitioners, SIFA chief says
Weatherston, who runs his own Auckland financial advisory firm - Financial Focus, told Good Returns the swag of recent government regulatory proposals for the industry appeared to place a heavy compliance burden on individual advisers.
"The probability that [the government] would take a sledgehammer approach to regulating advisers is increasing," he said.
Weatherston said if the cost of compliance under the coming regime was too high sole practitioners would be forced into the arms of institutional businesses, reducing consumer access to independent advice.
However, Angus Dale-Jones, Securities Commission director supervision, said it was "premature" to say how the advisory industry would be affected by regulation, given that much of it remained to be written.
Click the button below to subscribe and will have free unlimited access for a limited time to full article and all other articles on the site.
You will also be able to comment on articles on Good Returns.
