SiFA has entered a searing submission in response to the Financial Advisers Act review issues paper.
In it, Robert Oddy and Murray Weatherston say the financial advice regulation regime has limited access to advice, guidance to advisers has been at times incomprehensible, the FMA has too much control over the Code Committee, and that treatment of QFEs has been unfair.
They want regulation rewritten to clearly focus on consumers and make it easier for them to access advice.
They say regulation has driven many independent advisers out of the market or into the hands of QFEs and more are likely to follow...MORE»
Thursday, July 30th, 6:00AM
Industry regulations are cumbersome and reduce the number of advisers operating in the New Zealand market, a group of Massey University academics say.MORE»
Monday, July 27th, 6:00AM
The FSC wants RFAs to choose: Operate at the level of AFAs or declare themselves salespeople.MORE»
The Financial Advisers Act (FAA) needs to stop thinking about advisers in terms of the products they deal in and start thinking about how they put them to work for their clients, the Institute of Financial Advisers (IFA) says.MORE»
A crackdown on adviser qualification requirements could prompt some to leave the industry, it has been claimed.MORE»
With less than two months left to make a decision, a number of advisers are still unsure whether they will offer discretionary investment management services (DIMS) as of the second half of this year.MORE»
Advisers are being asked to fill out a survey for the Ministry of Business, Innovation and Employment on what they think about regulation of the sector, as part of the review of the Financial Advisers Act.MORE»
Accountants and lawyers should no longer be allowed any exemptions to offer financial advice outside the control of the Financial Advisers Act, one industry commentator says.MORE»