[Weekly Wrap] Time running out for AFAs
What a week of news it has been. During the week we have run some extra stories on Good Returns because there has been so much happening.
Friday, September 24th 2010, 6:48PM
The two key stories, arguably are that the government has finally made some decisions about who can become an authorised financial adviser. Most people are delighted.
The other story is a loud warning that time is running out for an adviser to jump through all the hoops and become an AFA when the regime comes into effect.
According to ETITO you only have 36 days in which to sign up for some of the courses, and as the story says a large majority of advisers have yet to do the basics.
On the other side though there is quite some criticism from advisers about the process and the availablity of courses. It possibly leads one to the conclusion that although this has been a long-drawn out process it is actually quite hurried too. (Go figure).
The news this week also includes a call for advisers to attend the Code Cracker Roadshow (Roll Up. Roll Up. Get educated before it's too late) and news that the Commerce Minister Simon Power has signed off the Code.
There is plenty of information on the site and feedback from advisers for you to read.
Yes there has been some news other than regulation. South Canterbury Finance features with a payout to bondholders yesterday and also news more of Mr Hubbard's companies have been put into statutory management.
Another story which just doesn't seem to go away is the ING CDO fund one. The Commerce Commission has paid out the $45 million compensation to investors and it seems many are questioning its maths. We have had quite a few examples sent in which show investors have been treated quite differently. Many of them have actually done pretty well out of the settlement.
ING will no doubt look forward to putting this behind it and become OnePath.
Another arm of the empire, ING Life, has finally announced its premium changes. We reveal these here and look forward to hearing what advisers think of its strategy.
The life insurance side of adviserland also got to see the ISI's new anti-churning policy this week. It's taken quite a different approach and even said nice things about how many claims get paid out and the importance of having cover. Bravo.
Today we talk to some MMG/Money Managers advisers about the changes to the company.
In the home loan space there haven't been a lot of changes, although HSBC is setting the pace with its rates. Many borrowers are considering their strategy at the moment and we have a very helpful breakeven analysis on the site to help make decisions.
Amongst our People news we have a new boss at Financial Disputes Resolution (FDR) and some new appointments at Tower Health and Life. Details here.
| « MMG advisers glad to be moving away from the brand | KiwiSaver mismatch a 'huge challenge' for advisers » |
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