[The Wrap] Next round for CWG; Hat tip to group of AFAs; At least sunlight on QFEs
It's been a big week with revelations around the practices of QFEs when it comes to replacement business, release of submissions to the Code Working Group and of course a band of AFAs standing up on KiwiSaver. Here's our take on things.
Arguably the biggest, but not necessarily the ugliest was reading through the responses to the Code Working Group's proposals.
There's a lot of reading in and we still have more to do, but one can't escape the view that the proposals put forward were unworkable. I've listened to quite a few presentations on and by the CWG and keep coming back to a view that its task is nearly mission impossible.
To write a code which is simple and crosses all forms of advice and meets its objectives is a big ask ...MORE»
Submitters criticise code suggestionsFriday, July 20th, 6:00AM 4 comments
Submitters told the Code Working Group there were serious problems with its initial proposals for a new code of conduct for financial advisers. MORE» |
ANZ backs group of AFAsThursday, July 19th, 8:34AM
ANZ has come out in support of an initiative by a group of financial advisers to move KiwiSavers in default schemes from conservative to higher growth funds. MORE» |
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QFEs fail on replacement business practices: FMA
The FMA is considering regulatory action against three QFEs because of failures in the way they deal with insurance replacement business.
It has completed a review of the insurance practices of QFEs around replacement business and found there are particular conflicts of interest they need to manage, and it's not convinced they're doing it.
The regulator found fewer than half the firms advised customers that replacing their insurance could lead to worse cover or loss of benefits.
Replacement business forms were used as a risk management tool for insurers rather than to help customers with their decision-making ...MORE»
Advisers wouldn't get away with itWednesday, July 18th, 6:00AM
Financial adviser Alistair Bean said he signed a letter calling for action on KiwiSaver because there was “a definite rort” that had occurred – and if it had been financial advisers involved they would have been accused of mistreating their clients. MORE» |
Advisers 'reluctant' to invest in marketingWednesday, July 18th, 5:59AM
Adviser businesses may be missing out on clients because they haven’t kept up with changing marketing trends. MORE» |
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