[Weekly Wrap] Commission debate continues
As with the last time the FADC convened, today's session was swift - all over within half an hour.
There were three cases to be heard - one was dismissed, one was adjourned for more information and for the third, all that is left to do is for the committee to issue a decision. We'll update you when that happens.
The FMA's Sean Hughes was one of the key speakers at the forum on Thursday. He spoke frankly about some of the failings of the financial services sector over the years and apologised to investors left out of pocket. But he also had some strong words about the need for investors to take responsibility for their actions. You can read the speech here.
Earlier in the week, I talked to Kiwi advisers and representatives about a British survey that showed that many people who had paid for advice would not do so again. British advisers are charging fees instead of receiving commissions. Everyone I spoke to agreed that the key thing for advisers, no matter how they are remunerated, was to prove their worth and show clients the value of using them.
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