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Archive - 2002
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August 2002
15 Aug 2002 ABN Amro's new adviser
15 Aug 2002 Tower joins ISI
15 Aug 2002 Ombudsman scheme under review
14 Aug 2002 English eyes up Periodoc Review group
14 Aug 2002 Way open for rate cuts
14 Aug 2002 Way open for rate cuts
14 Aug 2002 RBNZ leaves OCR alone
14 Aug 2002 Ensuring what you want happens
14 Aug 2002 Weldon outlines more changes
13 Aug 2002 Adviserlink Essentials of Mortgage Broking
13 Aug 2002 Interest rates to be kept on hold for now
13 Aug 2002 Managers sing from same song sheet
12 Aug 2002 Securities Commission appointments
12 Aug 2002 Bleak outlook for Metropolis bondholders
12 Aug 2002 High income returns likely to decline
12 Aug 2002 Bank mortgage rates still at extreme levels
12 Aug 2002 News Round Up
11 Aug 2002 Kiwis flocking to rental housing
11 Aug 2002 Mortgage People
11 Aug 2002 ASFONZ 2002 Conference
09 Aug 2002 Mortgage borrowing continues to bloom
09 Aug 2002 Multi-manager style big down under
08 Aug 2002 Ausmaq's new NZ boss
08 Aug 2002 Market review: Nothing to fear but fear itself
08 Aug 2002 WestpacTrust joins BNZ
07 Aug 2002 Independence issue surfaces
07 Aug 2002 Ralph Stewart leaves Tower
07 Aug 2002 Dorchester disappointed with commission's decision
06 Aug 2002 We hate revolving credit loans: NZHL
06 Aug 2002 Tower's Australian restructure
05 Aug 2002 Metropolis bondholders get bad news
05 Aug 2002 Mixed bag of results from managers
05 Aug 2002 Adviserlink Introduction to Financial Planning
05 Aug 2002 Winter hits house sales
05 Aug 2002 New sharebroking firm
05 Aug 2002 News Round Up
02 Aug 2002 Boonzaier's options out
01 Aug 2002 GRT wins Govt's savings scheme
01 Aug 2002 Harts broker banned
July 2002
31 Jul 2002 LBA Conference - Life's Balancing Act
31 Jul 2002 NZ Housing Market: Not a bubble
31 Jul 2002 NZSE's new role
31 Jul 2002 AMP develops novel fixed interest fund
30 Jul 2002 Worst quarter on record
30 Jul 2002 Mercer rings the changes
30 Jul 2002 Housing consents up and down
29 Jul 2002 Housing market slowing down
28 Jul 2002 Optimism over super
28 Jul 2002 Superannuation in the new parliament
26 Jul 2002 Attitude is everything when it comes to saving
26 Jul 2002 Attitudes to saving - Full Report
26 Jul 2002 WestpacTrust sticks with ING
25 Jul 2002 How Much To Rent A Family Home?
25 Jul 2002 Emotions Cloud Market As Global Equities Hit Investment Performance
24 Jul 2002 Half of Mortgage Express sold
24 Jul 2002 Tower boss Boonzaier retires
24 Jul 2002 Tower's two new BDMs
24 Jul 2002 Returns for quarter ghastly
23 Jul 2002 Public favours tax breaks for insurance
23 Jul 2002 Can we increase our savings?
23 Jul 2002 Cullen Fund Makes No Sense: Brash
23 Jul 2002 Policies promise an impoverished future: Grey Power
23 Jul 2002 Tower shifts fund to Oz base
23 Jul 2002 Investing in Commercial Property
22 Jul 2002 Hamilton: Rental Property in High Demand
21 Jul 2002 News Round Up
19 Jul 2002 Housing market slowing down
18 Jul 2002 Home-buying hot
18 Jul 2002 Australian mortgage funds here
18 Jul 2002 Aust mortgage funds here
17 Jul 2002 F&C loses head of investments
17 Jul 2002 Selling health insurance to oldies
17 Jul 2002 FPIA Conference
17 Jul 2002 Commission does better than expected
17 Jul 2002 Banks adopt retailing gimmicks
16 Jul 2002 Further easing in fixed interest rates
16 Jul 2002 No reason to be too gloomy
15 Jul 2002 Further easing in fixed interest rates
15 Jul 2002 News Round Up
15 Jul 2002 Former ASB economist resurfaces
14 Jul 2002 Super not a done deal: Cullen
12 Jul 2002 Find out about the Cafeteria Plan
12 Jul 2002 Sharebrokers take different approaches to mortgages
12 Jul 2002 Fluctuating picture on long-term savings
12 Jul 2002 Savings picture unclear
11 Jul 2002 Banks making excess profits: Knowles
11 Jul 2002 Find out about the Cafeteria Plan
11 Jul 2002 Election: National Would Axe Property Act
11 Jul 2002 Fisher Funds Management "Let's Go Shopping!" Roadshow
11 Jul 2002 Houses look good compared to shares
11 Jul 2002 Houses look good compared to shares
10 Jul 2002 Women have their super say
10 Jul 2002 HFA opposes health tax
10 Jul 2002 Find out about the Cafeteria Plan
10 Jul 2002 IIR’s 7th Annual Payroll Mastercourse
10 Jul 2002 Fidelity's new BDM
10 Jul 2002 More banks lift floating mortgage rates
10 Jul 2002 Fisher Funds Management "Let's Go Shopping!" Roadshow
10 Jul 2002 The case for small caps
09 Jul 2002 Parties outline their concerns
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FMA outlines its latest expectations for advisers
FMA outlines its latest expectations for advisers
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Latest Comments
FMA outlines its latest expectations for advisers
I agree with the "prevalence-induced" concept. It is definitely not Advisers re-defining what we're seeing or over-reacting to the "maturing" of regulation. The concept Steve put forward suggests that as the problem becomes less frequent, the criteria used to define the problem expands, resulting in lesser problems being treated like greater problems. The root of the regulations we have is based in answering questions nobody asked, addressing problems Advisers did not cause. Such as blaming investment advisers for the losses direct investors took from finance company collapses, or allowing lobbyists to succeed in defining BEOT VIOs' sales processes as "advice". So from the beginning - 2011 onwards - there has been so little prevalence of problematic advisers causing terrible outcomes through faulty advice processes that it does appear that the regulators are defining lesser problems as greater. Paul – the “rules” are not rules. Everyone knows what a forward pass is, and we all know that a whiskey still counts as a stroke. Our regulations are mostly principles supported by vague guidance notes. You have correctly pointed out that there has been a lighter touch at times, and perhaps a sledgehammer at other times. To a FAP owner that looks like inconsistency. With no clear safe zone, just vague principles to abide by, and watching patchy and inconsistent enforcement, FAPs have taken an approach to documentation and processes that are now being criticised by the same people who won’t set a bar. But they will say we’re jumping too dam high. “Size it right” is an insulting suggestion from someone who won’t say what the right size is. Recall people like Brent Sheather and Murray Weatherston openly and rightfully questioning what on earth was the problem these regulators and regulations were meant to solve? Recall also their criticism of the revolving door between the regulator and the regulated. If it feels like they are moving the goal posts it’s because they are starting to approach molehills with climbing gear. The hills are the same size. And they were never that big.
11 hours ago agressively passive
FMA outlines its latest expectations for advisers
Paul Flood: The danger is that the 'goalposts' (regarding what is acceptable or unacceptable adviser conduct) may be susceptible to change. Our 'Principles based' legal/regulatory environment lends itself to “prevalence-induced concept change” over time, perhaps not so much in the written laws and Code, as in the interpretation of the prescribed principles.
3 days ago Steve Wright
FMA outlines its latest expectations for advisers
Just a tip, if you use more than six, six letter words in a sentence you lose most Kiwi's. So avoid client/adviser confusion when writing your post or article if you would like it read and understood. Ironically, my last sentence was not likely read.
3 days ago Backstage
FMA outlines its latest expectations for advisers
All things said are great aspirational goals for a great financial advice industry, it mirrors what both the legislation and the code requires. However, like most things discussed it talks about what's expected not how it's done. The hardest aspect of financial advice today isn't what it is, it is how it is done. The how only comes from those that have done it, the how is only provided with examples. Guidance documents that spell out what's required along side how it it done. We’re still dealing with the same issues we started with in 2021, figuring out the how. And figuring out the how in every advice business is consuming resources that could easily be shortcut by the FMA demonstrating what they are expecting. It's not about “do it this way” its about this is the sorts of things we’re looking for. In the absence of standards and expectations, guesswork prevails. That represents significant risk to FAPs and the result is onerous overcooked advice processes for multiple advice operations and undercooked she’ll be right for single operators focused on getting the work done. Both approaches have potential for harm and as its been said earlier, leaves advisers open to explain they haven't been speeding with the authorities have pulled them over. The advice industry needs guidance on the how we know the what already.
5 days ago Jon-Paul Hale
Who is responsible for notifying policy changes?
Sticking an oar in, while we have “service” requirements the expectation that an adviser is responsible for discussing said change is relying heavily on assumption. 1. That the client hasn't moved and contact details haven't been updated. It happens more often than many think. 2. It assumes there is a servicing agreement in place to provide service. Remember the requirement is to scope service not provide it. A client deciding to have ad-hoc service on their request is a legally valid position to have. 3. If there is a service agreement that's realistic to what is expected, how long does the adviser push the issue to have the discussion before moving on with everything else they have to do? Again, a point that is not clear in the guidance to date. The challenge of the present rules is the adviser is responsible for ensuring the client understands the advice provided. How do you ensure you're covering this if a client doesn't engage despite genuine attempts to manage it? There's still a lot of “what if’s” in this whole are we’re only going to have clarity on once someone is taken to task about it. But first we need to have clarity on what ongoing service actually is, because right now demonstrated by the direct providers a letter once per year with a please call if you want to discuss is the current minimum…
5 days ago Jon-Paul Hale