[Weekly Wrap] It's going to take a long time
The review of the Financial Advisers Act (FAA) looks like it could be a rather long and slow process. This week I attended a function in Auckland where FMA chief executive Rob Everett, Code Committee chair David Ireland and MBIE Ian Southall talked about the impending review of the act.
The race track seemed like an appropriate place to discuss the changes as I suspect there will be a lot of going around in circles. Further confirmation came when one of the three speakers called investors punters!
What became clear is that the process is still in its infancy. Indeed MBIE are only just turning their minds to it and the new minister, Paul Goldsmith, appears to have given it little thought yet. The speakers are hoping that it will be a "comprehensive" review of the act, but even that part is unclear.
The FMA had a good grip on the issues which need to be addressed including:
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