Weekly Wrap: Unseemly infighting all for nought

While some in our story are saying bah humbug, I reckon it is a sensible outcome. The advisory industry in New Zealand isn't big enough to have multiple bodies. Plus it is one way to end unseemly infighting.

What is amazing though, is that there has been years of discussion and consultation on adviser regulation, yet this change happens at the Select Committee stage of the Parliamentary process. Arguably one of the last possible stages for changes to be made.

The other major change by the committee is a tightening of the definition of advisers. My views on this should be well-known by now. People like the Blue Chip salesmen should be included. Likewise, creating two tiers of advisers, the full-on one and the incidental adviser is plain daft. Murray Weatherston makes some useful comments on this in our story today.

The other big bit of news this week - and slightly related to this subject - is that the Government and the Institute of Chartered Accountants reached agreement whereby ICANZ members will provide Blue Chip investors with some free advice. This is good news, even if a little slow in happening. Also it is a feather in the cap for ICANZ in working together with the government and achieving this result. I note the IFA tried to piggyback on this the following day. To its credit it congratulated ICANZ, however, it's offer isn't the same.