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Regulation

Sovereign paying for advisers to study

Wednesday 21st of April 2010

 

It announced today at the SovNet conference in Auckland that it would pay for the advisers in its network to study towards a National Certificate in Financial Services, which is required to be an authorised financial adviser, at a cost of about $1500 each.

Advisers will be supported in their studies by Sovereign's team of business development managers.

Sovereign chief executive Charles Anderson says it is critical that its advisers, as well as its staff, not only meet the new industry standards but exceed them.

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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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@The Laird - No, not really. The headline of this article could equally have been: "Advisers embrace Westpac after upfront commissions increased to highest across the main banks."
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Doesn't this result call into question the criticism from certain quarters that Mortgage Advisers are driven predominantly by commission considerations?
1 day ago The Laird
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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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3 days ago First time caller