[Weekly Wrap] Why doesn't everyone have to put the clients' interests first?
I've spent a little bit of time with him and listened to what he had to say at Grosvenor's annual conference on Friday. We'll run a few stories on Good Returns on this and a presentation he is doing in Auckland this week.
Advisers can feel confident they have someone in this role who supports what they do. Everett is now on record as saying he told the FMA during the job interview process last year that he believes that the existence of a strong and respected advisory sector is critical for New Zealand’s financial markets. He also believes the FMA has an important role in encouraging the use of financial advisers.
While he has acknowledged advisers have made a lot of progress in lifting standards, it seems the FMA is not, quite, yet ready to promote the sector to the public.
During his Grosvenor presentation he also talked about the costs of regulation. He has heard the calls that they have become too much of an impost, but has also pointed out that the costs of not being regulated would be higher for the sector.
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