[Weekly Wrap] A new impost

It's hard to blame advisers for feeling aggrieved at the proposal, which comes just as they are trying to get to grips with the current settings of the regime due to kick in at the start of July. 

Requiring advisers and other participants in the financial industry to report all international wire transfers to police, regardless of whether they are suspicious, is not just cracking a nut with a sledgehammer; it's shooting down a paper plane with a surface-to-air missile.  The more I talk to advisers about the ever-increasing level of regulation of their businesses, the more beaten-down and resigned to the inevitable they sound. 

On a related note, Russell Hutchinson has questioned whether the increased level of compliance is affecting the insurance advisers market.

Also this week, the merry-go-round of research partners at AMP Financial Services has seen Mercer appointed, replacing van Eyk.  This shows a healthy independence given AMP in Australia went a different direction, picking Morningstar as its preferred partner after its own review.  Despite the setback, van Eyk says it is committed to New Zealand.  However, a number of market participants I have spoken to since the announcement have predicted van Eyk will leave the country.