[Weekly Wrap] New rules on the way
The Code Committee has submitted it to the FMA, who in turn will give it a tick and send it to the Commerce Minister, before it becomes the rulebook that advisers have to live by.
The changes in the new version have been well signalled and consulted on. I spoke to Gavin Austin today, who used to work for the FMA. He says, from his experience with auditing AFAs, it'll be the CPD changes that make the biggest difference and are potentially the biggest problem for advisers.
We'll have an in-depth look at the new code in the last ASSET magazine of the year.
New Zealand's lack of financial literacy is something that is talked about often. Insurers often blame it for the woeful rates of personal cover in this country and investment types point the finger at it when they bemoan the fact that most KiwiSaver members haven't a clue what their money's really up to.
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