Tidy up from the top down
Friday, March 25th 2011, 6:30AM
by Philip Macalister
My heart sank this week when I switched on the television news and read the business papers of the Herald to see the faces of three directors of Nathans Finance in court.
It’s not that I had money with this company or there were thoughts for the investors in this, or other, failed finance companies.
No, it was seeing the face of one of the life members of the Institute of Financial Advisers, Roger Moses, in court again on charges over an investment scheme.
Whenever this happens it feels like Mr Moses is bringing the industry into disrepute.
(For the record he and two other Nathans directors have pleaded not guilty and in the earlier case concerning a contributory mortgage scheme he was eventually cleared).
This court cases is happening at time when all these regulations are going on to try and tidy up the industry and help regain investor confidence.
I have written about this before as it is an issue which is a concern for advisers and the IFA.
However, when I was driving to the airport this morning listening to sports commentator Joseph Romanos talking to National Radio, I wondered if I should even raise this issue?
He raised the topic that everyone was allowed to criticise sports people on their performance, call for heads to roll when losses happen, but it was not OK for players to criticise match officials.
The view that emerged is that people should be able to express their views and that the “disrepute” line with players criticising officials was a bit over the top.
Maybe I shouldn’t raise the issue as not many people outside the advisory world will put the trial together with the IFA?
But then maybe the IFA should lead by example and remove people from its organisation which cast a shadow on all members?
You can read Philip's blog here: http://www.goodreturns.co.nz/blog/
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