Other than that the FPIA is giving little away: “To date the discussions have been informal, very cordial, and without obligation.”
“Should discussions proceed to the next stage, formal procedures in line with the governance structures of FPIA and PAA would be undertaken.”
“Given the informal nature of the talks to date, it would be inappropriate and untimely to speculate on the outcome of the process.”
The PAA has been pondering its future and late last year surveyed its members on what they want. The association has its roots in some of the former life insurance companies that have no longer exist such as Prudential. It has around 600 members and they mainly focus on the life insurance side of the business.
The group has close associations with Sovereign as Prudential was taken over by Colonial and Colonial subsequently was sold to Sovereign.
The PAA appears not to be the only target of the FPIA.
Good Returns understands there is also some desire within the top ranks of the FPIA for it and the New Zealand Mortgage Brokers Association to come together too.
When the idea was floated last year there appeared to be some strong negative reaction from the NZMBA.
This is in line with its previous stance when the matter came up a year or so earlier.
All three associations have been working together in the past six months or so and discussing issues to do with adviser regulation.
Comment: What's happening at the FPIA?
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