Hi
There are so many things happening in the adviser regulation space at the moment it become easy to miss, or overlook things.
One change which falls into that category is Disputes Resolution Schemes. For an adviser to gain registration they will need to belong to a scheme. Trouble is at the moment there are no schemes up and running, however, as we reveal today, there are several players looking at the space.
In today's story, Comply with me: new complaints body urges, a specific scheme is being proposed for advisers which involves industry players. We know that there are others looking at establishing schemes or modifying existing schemes to allow advisers to join.
This story has another angle in it, which you may like to comment on. It's going to cost advisers money to join a scheme. How much are you prepared to pay? Some ideas of numbers are given in the story. I'd love to hear what advisers think will be a reasonable price.
Sticking with regulation we have changes to the proposed QFE rules which are gathering some attention at the moment. It seems that the whole QFE structures is one of the more controversial parts of the regulation scheme.
Later today we expect to hear something from the Code Committee on education and competency. You will probably get another email about this.
On a slightly different note high-profile Wellington-based planner Richard Renfrew has established a new fee-only financial planning business. His thoughts on why this model has been adopted and how it will work are here.
Also today Good Returns reveals how much money has been paid to KiwiSaver managers in fees. The number, looks to me anyway, quite big. One can't help escaping the fact that KiwiSaver has been a lifesaver for the funds management industry.
Commission payments are again in the headlines this week with Sovereign upping the stakes on what it pays insurance advisers.
Also a couple of key bits of People news in the life insurance industry, with a new CEO at the AMP Advisers Association and AXA naming its top adviser.
The big news in the deposit taking sector is the latest from South Canterbury Finance. The analogy at the moment is that they are in a hurdle race. Yesterday they got over one hurdle, but there are plenty of others to go. Everyone is watching with bated breath as if they fail a number of hurdles there is likely to be a rather large domino effect.
The mainstream media reported that SBS was on the lookout for finance companies to buy, but its boss tells www.depositrates.co.nz a different story. We have that here.
Meanwhile US-giant GE is contemplating entering the deposit taking space, Guardian Trust has been told to improve its compliance and Auckland Airport is raising $125 million in a bond offer.
We have a Special Offer for Weekly Wrap readers today. FundSource is holding its annual conference in Auckland on November 6. The conference, called Investment Strategies for a Brave New World, has a great range of speakers and topics.
Speakers include Dr John McDermott, Assistant Governor, RBNZ, William Buechler, President and CIO of Buechler Capital Asset Management, Annabel Cotton, Commissioner for Financial Advisers.
Register here to get to the conference. You'll hear a fantastic line up of speakers who will address a number of topical issues including Asset Allocation, Developments in Derivatives plus a CEO panel from 3 NZ listed companies.
Register today and we will throw in a free three-month subscription to ASSET magazine (for those not already subscribing)!
The Good Returns Diary has been updated with some new events including Magellan's Investment Briefings and The Investment Store Roadshows. Details here.
Have a great weekend.
Philip
www.goodreturns.co.nz
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