Speech: Hughes opens IFA Conference

This time last week I called Peter to see whether he wanted me to stand aside from giving these opening comments. As many of you will know, there was a very vocal response from some advisers on our cowboys ads and I was mindful of further offending advisers.

Peter, to his credit, said no. He said it was important for you to hear the bigger picture. He further re-iterated the invitation to Mel Hewitson to attend for questions on Friday.

In the face of what at times has amounted to attacks on both us and the IFA over this, Peter's stance took courage. And while I'm certain those attacks come from a minority, not the majority who have engaged effectively throughout the regime's introduction, it is worth reflecting on the importance of courage as we begin this new era of financial advice.

FMA has been set up as New Zealand's first fully-fledged financial services law enforcement body operating in the capital markets.