Everyone's talking about regulation
Adviser regulation is the hot topic everywhere at the moment, no matter what sort of finanical product is being sold, or even if you are operating in an already regulated market.
Sunday, July 29th 2001, 9:18PM
Financial planners aren't alone debating the issue of standards in their industry, and whether or not they should be regulated.
The topic has surfaced amongst mortgage brokers and across the Tasman.
The head of Mortgage Choice in New Zealand, Miranda Caird, told a workshop at the recent Financial Planners and Insurance Advisers conference that the mortgage broking industry was full of cowboys, and its association didn't have sufficiently high enough standards. She went on to say that the industry should be regulated.
Mortgage Broker Association (MBA) head Rob Tucker has sprung to the association's defence, claiming standards are high. He says the MBA is working to tidy up the industry which is accounting for a growing share of the home loan market.
To see what Miranda Caird said click on this link:Mortgage Brokers need to be regulated
For Rob Tucker's response click hereMBA claims high standards and to see what others area going go to the discussion forum. Click here
Across the Tasman the issue of regulation is still hot too.
The Financial Planning Association (FPA) has called on the Federal Government to enshrine the terms "financial planner" and "financial adviser" in the Financial Services Reform Bill, which would give the terms the same status as "accountant", "stockbroker" and "insurance broker".
FPA senior manager of public policy, Con Hristodoulidis, says under the current version of the FSRB stockbrokers and life and general insurance agents are restricted terms, but there is no mention of financial planners and financial advisers.
He says the association would like to see the terms "financial planners" and "financial advisers" locked into the legislation.
He says that the restricted use of the terms would enhance consumer protection.
NEW POLL: Should the terms financial planner and financial adviser have statutory protection in NZ? VOTE HERE
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