[Weekly Wrap] And so the Code was handed down
This week ends with the Code of Conduct finally being passed onto the Commissioner of Financial Advisers. Also we look back on this year year's IFA Conference.
Tuesday, March 30th 2010, 10:41PM
We kept this week's Wrap till 2pm as that is when the Code Committee formally handed its manuscript to the Commissioner of Financial Advisers for approval.
We have a copy of the final Code on Good Returns, plus we outline the changes and talk to Code Committee chairman Ross Butler about the document.
One would think that it is little more than a formal process of approval from now. This document will become the guiding book of instructions for all advisers.
I have to apologise that last week we didn't get the Wrap out - having far too much fun at the IFA Conference. I have been to all but one of the conferences the IFA (and its predecessors) have put on. The only one I missed was Fiji in 1994. (The stories of this conference still surface from time to time and one would say they don't fit with this new era of professionalism). This year was one of the smaller conferences, with around 300 delegates, however size isn't everything.
The sessions this year were good. It was great to see many old hands attend (and also interesting that many of the big planning groups like the banks were absent) and the atmosphere was positive - especially considering the backdrop of the profession at the moment.
My take is that it's all up from here. The IFA's new chief executive Peter Lee did an excellent presentation and he brings a new sense of vitality to the institute.
Meanwhile, there is lots happening at the moment. We have a new research group coming to market and one of the most interesting changes is that the ISI's voluntary ban of commissions on investment products appears to be some way off.
The subject of switching from a commission-based model to a fee-based one was covered at the IFA Conference. Jenha White reports on that session here.
The other big news this week is that it appears the government guarantee on debt securities might not extend to investments which are held in wrap accounts. We report on what is happening here.
The big economic news this week was yesterday's OCR announcement. While the cash rate went up to 3% as expected, the good news is that it now appears further rate increases will be lower and slower than previously forecast.
We expect lenders to start changing their home loan rates, particularly short-term fixed rates and floating rates soon. As usual, we will record all the changes on our comprehensive rates page here.
Our main insurance news this week is more on the ISI and its "anti-churning" policy. Apparently it's not a flip-flop. And Accuro has an interim chief executive - Naomi Ballantyne (who has responded to some of the comments here).
The People section of Good Returns has been a little quiet but that changed this week. We have three Code Commitee members being reappointed to the role, a new boss at the Financial Services Complaints Board and some changes in some of the groups. Details here.
Also in Broker news we have a top mortgage broker shifting groups.
If you have a new appointment let us know and send details to editor@goodreturns.co.nz.
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