[Weekly Wrap] Prepare yourself for next bout of regulations
There is even talk the Draft Code may have to be revisited and could go out for consulation again. These comments aren't meant to scare advisers, although if they happen there will be mega-frustration. The issue is more around how this regulation process is being put together. The general feeling is that it's very messy, uncoordinated and ad hoc. Others may well disagree with this. But an example I was shown the other day was in the regulated world there would be something like eight government agencies involved in regulation.
Surely that doesn't fit with what the government told us about public servants before the election.
The main regulation news this week was the release of the draft, and let's highlight draft, booklet from the Securities Commission on how to put an ABS or Adviser Business Statement together.
On a much more positive and cheery note big ups to Peter Lee and his appointment as the new CEO of the Institute of Financial Advisers. Personally I think it is a fantastic appointment and Peter will do a great job. Well done Peter.
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