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Risk adviser's guide to the FAA review

The Issues Paper for the Review of the Financial Advisers Act 2008 and the Financial Service Providers (Registration and Dispute Resolution) Act 2008 is now out.

Wednesday, May 27th, 6:01AM

If you are reading this then your career is probably based in this industry – that being the case you should read the review document. Making notes as you go it may take you a couple of hours. They are worth spending.

The review document is clear, accessible, and the review is working on all the right issues, including:
• Whether the laws are serving the needs of consumers
• Whether the goal of increasing professionalism in financial advice is being achieved, and discussions of education standards
• Concerns about the labelling or designations of financial advisers
• Whether there is sufficient distinction between advice and sales
• Managing conflicts – especially commission, and whether it should be banned or restricted
• The balance between access to advice for consumers and the quality of advice provision

From the Minister’s introduction to the step-by-step presentation of the sometimes conflicting goals or issues the document is good...MORE»

Southern Cross: Claims keep growing

Wednesday, May 27th, 6:00AM

Southern Cross paid out 2.3 million claims last year, worth $803.4 million.

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New Zealand advisers won't dodge bullet: Rickerby

Tuesday, May 26th, 6:00AM

New Zealand financial advisers should be prepared for commission cuts such as those happening in Australia, one adviser who works on both sides of the Tasman says.

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Previous News

AIA gets new chief executive

Thursday, May 21st, 10:22AM

AIA chief executive Wayne Besant is leaving New Zealand to take up a role with the company in Vietnam.

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Claims top $1 billion for another year

Wednesday, May 13th, 3:38PM

Personal insurance claims have topped $1 billion for the fourth year in a row, new statistics from the Financial Services Council show.

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Cosignia acquired

Wednesday, May 13th, 6:00AM

It will be business as usual for insurance advisers who deal with Cosignia, despite the sale of the firm’s assets to Australia’s largest third-party claims administrator.

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Old trail income under review

Monday, May 11th, 6:00AM

Registered financial advisers receiving trail commission on category one products they are no longer allowed to offer advice on will come under scrutiny in this year’s Financial Advisers Act review, the Ministry of Business, Innovation and Employment says.

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AMP supports commission cut

Thursday, May 7th, 6:00AM

AMP New Zealand has lent its support to colleagues across the ditch, who have slashed advisers' upfront commissions on life insurance to 80% of the first year’s premium.

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