Industry regulations are cumbersome and reduce the number of advisers operating in the New Zealand market, a group of Massey University academics say.
Claire Matthews, Michael Naylor and Janine Scott have made a submission in response to the Financial Advisers Act review issues paper.
They say adviser professionalism is the most important aspect for the Act to address.
"True professions are marked by high education standards and clear ethical guidelines, which are embedded in behaviour, so outside control can be minimised. For financial advice to be viewed as a profession, regulatory policies should aim to set the same rules of conduct for all who hold the title of ‘adviser'...MORE»
Monday, July 27th, 6:00AM
The FSC wants RFAs to choose: Operate at the level of AFAs or declare themselves salespeople.MORE»
Wednesday, July 22nd, 6:00AM
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»
The FMA is warning that just doing the basics of compliance won’t be enough under the Financial Markets Conduct Act.MORE»