Exposing Unacceptable Financial Advice (EUFA ) has been established to gain what is being described as "people power".
EUFA co-ordinator Suzanne Edmonds said she wanted "mum and dad" investors to come forward to EUFA and register their problems within the industry.
"We want people who are victims of unacceptable professional advice to join forces and pressure this industry into taking responsibility for the suffering the financial losses are causing."
"EUFA is formed following investigations into cases that are hidden by the industry.
"Good, everyday New Zealanders are not only losing their hard-earned funds in the big financial collapses but at the hands of their trusted financial adviser."
Some advisers were putting their commission ahead of sound advice, she said.
No plans to fast-track changes: Govt
Calls have come to fast-track the review of financial products and providers (RFPP) which includes mandatory ratings for finance companies.
Commerce Minister Lianne Dalziel says she is aware of what is happening in the sector and "the government's current assessment is that no government intervention is warranted at this stage."
Your Views: Investing in fixed interest
Good Returns is running is a survey
to find out what advisers are thinking and doing about fixed
interest investments. Please take a moment to fill
in this survey even if you don't use finance company debentures in portfolios.
Responses are confidential and results will be published on Good Returns.
COMMENT:
It seems like a bomb has gone off in the finance company sector and things are total chaos. Seems like Iraq. The reality is quite different.
The two latest companies are collateral damage in the whole finance company explosion. [READ ON]
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