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Wellington should outrun slow growth

Monday 1st of March 2004

The Wellington economy grew 1.8 per cent in the year to last March, compared with national growth of 4.7 per cent, according to the Greater Wellington regional council.

In its regional outlook, the council said "sluggish growth" was probably due to low population growth. Wellington's population grew 1.4 per cent in the period, compared with the national average of 1.8 per cent.

Since March "the region's economic performance had improved", the report said. "More recent economic indicators point to faster growth in the region over 2003-04. Employment growth has run consistently ahead of the national trend and latest employment indicators suggest continuing strong growth over the next few months."

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Latest Comments
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The Report (p.14) contains the following recommendation for FAPs: "Disclose commissions as a dollar figure. While commissions can be disclosed as either a percentage or dollar figure, we consider disclosure in dollar terms to be good practice to assist with investors readily understanding what the adviser will get out of the advice process." Disclosing commission in dollar figures was one of the 3 options floated in the April 2018 Disclosure Requirements discussion paper from MBIE. This option was ultimately rejected in favour of a principles-based approach. The examples of commission disclosure in the resulting Regulations ("Connor and Ari") are expressed in percentage terms. While the FMA may hold the view that disclosure in dollar terms is "good practice", this is not where the regulations landed at the conclusion of the 2018 consultation process.
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1 day ago The Laird
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@first time caller - I can see the complexity you highlight, but as above, investors should be able to see what they are paying without having to reference multiple documents. Investment admin can track and report deductions for tax, withdrawals, fees et al, would be /should be straightforward to aggregate advice fees into costs at member level... at least I hope so.
2 days ago Goldcard
FMA wants clearer fees
@goldcard - how would you propose that a fund manager calculates the TER to include adviser fees given not all clients pay them and different advisers charge different fees, not to mention some advisors charge different fees to different clients? The advice fee gets disclosed in the adviser's disclosure statement and the statement of advice, so the client can add that to the published TER of the fund they are invested in to see how much they are paying overall.
2 days ago First time caller