[Weekly Wrap] Code Committee shows its hand
The committee is mulling over a range of aspects of the industry, from soft commissions and conflicts of interest to qualifications.
Its chairman, David Ireland, said it was not satisfactory to many that they had to send away clients who wanted advice on the scheme.
He said one of the key things the committee wanted to look at was how code standard one - the requirement that advisers put clients first - is applied. The committee wants to make it clear, that even if all other standards are met, the first must always be at the forefront.
It is also looking at how to provide a "pathway" for insurance and mortgage advisers to provide advice to their clients on KiwiSaver. The upside is that they would be able to do so without having to pass all the qualifications to be an investment adviser. The downside is that they would have all the compliance requirements of an AFA.
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