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PAA looks at becoming an APB

The Professional Advisers Association is polling its 500 plus members on what form the association should take in a post-Task Force regulatory environment.

Wednesday, December 14th 2005, 6:26AM

by Rob Hosking

Commerce Minister Lianne Dalziel has publicly endorsed the approach of the Task Force of Financial Intermediaries, which recommended a self regulatory model with a set of approved professional bodies (APBs) which will carry out a great deal of the work.

Dalziel is expected to take her recommendations to Cabinet shortly.

The PAA is currently holding a strategic review, says president Richard Thomas. As part of that review members have been asked whether they think the PAA should become an APB; stay as it is, or join with one or more other professional organisations.

The responses closed last week and the PAA is still collating them, he says.

“We wont’ have any further information until next year, “ he says. However he says there have been talks with some other bodies, including the Financial Planners and Insurance Advisers Association (FPIA).

“That’s been very informal though,” he says. He says the Task Force recommendations have been very well put together and he sees the change as a positive one for the industry.

“Self regulation is a lot more positive than something more heavy handed,” he says.

“I think the industry will step up to the challenges. We’ve been talking about these issues for several years now and I think the feeling now is the sooner we get on with it the better.”

Rob Hosking is a Wellington-based freelance writer specialising in political, economic and IT related issues.

« Money Managers wins commission caseSovereign takes regulation bull by the horns »

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