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[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.

Friday, July 20th, 4:29PM

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 suggestions

Friday, 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.

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ANZ backs group of AFAs

Thursday, 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.

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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.

Wednesday, July 18th, 1:00PM  12 comments

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 it

Wednesday, 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.

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Advisers 'reluctant' to invest in marketing

Wednesday, 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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Another DIMS licence granted

Monday, July 9th, 2:22PM

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GoodReturns TV
  

[GRTV] The case for index funds

Tuesday, July 10th, 6:00AM

S&P Dr Tim Edwards details the case for index funds and why they are a better option than active funds. MORE»

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Advisers vindicated in latest report

Thursday, July 19th, 6:00AM

Advisers have been vindicated by a report that unearthed serious problems with many of the country’s biggest qualifying financial entities (QFEs), one product provider says. MORE»

TMM Online
  

High-charging non-bank lenders revealed

Thursday, July 19th, 10:43AM

Non-bank lenders General Finance, Southern Cross Partners, and Wroxton Finance were singled out by a Commerce Commission report last month for displaying large “establishment fees” on their websites. MORE»

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Research boss moves on

Friday, July 20th, 11:41AM

Morningstar's director of research ratings. Asia-Pacific, is leaving his role. MORE»

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The employer’s conundrum

Monday, July 2nd, 10:00AM  2 comments

Why have so few employers chosen a preferred provider scheme? MORE»

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Latest Comments
  • Submitters criticise code suggestions
    “Thanks Harry, that Listener hit-peice fetured many inaccuracies. The problem is, banning commissions clearly flies in the...”
    10 hours ago by RS
  • Submitters criticise code suggestions
    “Also, this: http://www.mbie.govt.nz/info-services/business/business-law/financial-advisers/financial-advice-code-working-group/submissions/the-following-submissions-were-received/Citizens-Advice-Bureau.pdf Should...”
    16 hours ago by Dirty Harry
  • Submitters criticise code suggestions
    “Careful what you wish for Murray. If you want their views, pick up the Listener....”
    16 hours ago by Dirty Harry
  • Submitters criticise code suggestions
    “Given the emphasis on consumer-centricity, where are the submissions from consumer organisations? Unless I am mistaken,...”
    19 hours ago by Murray Weatherston
  • Proposed commission model 'cross-subsidisation'
    “We already have a working and client centric commission model: lower upfront commission and higher ongoing commission. It’s...”
    1 day ago by Azul_Blue
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