tmmonline.nz  |   landlords.co.nz        About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds

NZ's Financial Adviser News Centre

GR Logo
Last Article Uploaded: Tuesday, March 9th, 6:50PM

News

rss
Latest Headlines

Advisers unimpressed with APB failure

A clear message is developing over the fight about who should regulate advisers following the news last week that the joint Approved Professional Body (APB) concept has fallen apart.

Tuesday, May 15th 2007, 5:00AM
Good Returns reported the story last week and has provided the only detailed comment from the Institute of Financial Advisers (IFA) about why it decided not to form an APB with three other adviser associations.

Following those reports readers have responded to a well-read Blog on the topic. The view coming through is that advisers are not impressed and will vote with their feet and leave one association for another. (Links to the Blog and comments are at the bottom of the page).

Auckland adviser, Jamie Coltman, who heads Integrate FS (IFS) says the breakdown “threatens to destroy a unique opportunity”.

He is a member of both the IFA and the Professional Advisers Association and is calling on the former to “reconsider its position before advisers reconsider their membership of the institute.”

His message to the IFA is this: “Get your act together and seize the moment for us to be under one umbrella. Reconsider because your members will be reconsidering who they wish to represent them.”

Coltman agrees with the G3 (PAA, Society of Independent Financial Advisers and Life Brokers Association) that an APB “must be independent of any adviser association and should restrict itself solely to the statutory standards and any other requirements that may be included in expected legislation.”

He sees the stoush as being “no more than a turf war” and involves a fight over who can validate the qualifications standards for the financial advice sector.

“Financial planners and others in the risk management sector have a core purpose in common,” Coltman says. “It’s their job to offer good advice. To be able to offer good advice they need to be trained and qualified. It doesn’t matter who validates that training as long as standards are audited and are consistently transparent.”

COMMENT: What becomes of the broken hearted?
READERS' RESPOND: Advisers have their say on the collapse
IFA SAYS: There can be only one: IFA


The Institute of Financial Advisers (IFA) has labelled the move by three rival industry associations to form an approved professional body as “unhelpful” and unlikely to benefit consumers. G3 GO IT ALONE: Adviser associations split on APB structure
The so-called G4 group of adviser associations which were working together to create a single Approved Professional Body has become the G3 and is likely to be down to two groups soon.
« News Round UpSovereign takes regulation bull by the horns »

Special Offers

Commenting is closed

 

print

Printable version  

print

Email to a friend
News Bites
Latest Comments
  • FMA warns adviser for KiwiSaver advice
    “Don't you just love the way FMA slap the hand with a wet bus ticket. NZ self-regulation self-reporting regime must look as...”
    8 hours ago by Chatterbox
  • Adviser learns her fate from FADC
    “Sure, you've been Censured. Sure, you breached a couple of code standards. But OK, you can trade for a couple of weeks after...”
    1 day ago by All hat no cattle
  • Adviser learns her fate from FADC
    “This and similar regulatory activity will cause an exit of talent from the industry and stop talented newcomers from becoming...”
    1 day ago by LNF
  • Guaranteed medical cover policy wordings
    “Good points JP. Especially where SX says you misunderstand the wording. Except the contract is the policy schedule and the...”
    2 days ago by BayBroker
  • FMA warns adviser for KiwiSaver advice
    “Don't you just love the way FMA continues to state it is satisfied that an adviser contravened the Act. Wouldn't the Police...”
    4 days ago by Murray Weatherston
Subscribe Now

Weekly Wrap

Previous News
Most Commented On
Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
AIA 4.55 2.29 2.59 2.65
ANZ 4.44 2.89 3.25 3.39
ANZ Special - 2.29 2.69 2.79
ASB Bank 4.45 2.29 2.59 2.65
Bluestone 3.49 3.34 2.99 3.34
BNZ - Classic - 2.29 2.59 2.79
BNZ - Mortgage One 5.15 - - -
BNZ - Rapid Repay 4.60 - - -
BNZ - Std, FlyBuys 4.55 2.89 3.19 3.39
BNZ - TotalMoney 4.55 - - -
CFML Loans 4.95 - - -
Lender Flt 1yr 2yr 3yr
China Construction Bank 4.49 4.70 4.80 4.95
China Construction Bank Special - 2.65 2.65 2.80
Credit Union Auckland 5.45 - - -
Credit Union Baywide 5.65 3.95 3.85 -
Credit Union South 5.65 3.95 3.85 -
First Credit Union Special 5.85 2.95 3.45 -
Heartland Bank - Online 2.50 1.99 2.35 2.45
Heretaunga Building Society 4.99 3.50 3.40 -
HSBC Premier 4.49 2.25 2.35 2.65
HSBC Premier LVR > 80% - - - -
HSBC Special - 1.99 - -
Lender Flt 1yr 2yr 3yr
ICBC 3.69 2.25 2.35 2.65
Kainga Ora 4.43 ▼2.67 ▼2.97 3.13
Kainga Ora - First Home Buyer Special - 2.25 - -
Kiwibank 3.40 3.20 3.50 3.50
Kiwibank - Offset 3.40 - - -
Kiwibank Special 3.40 2.35 2.65 2.65
Liberty 5.69 - - -
Nelson Building Society 4.95 3.20 3.24 -
Pepper Essential 4.79 - - -
Resimac 3.39 3.35 2.99 3.35
SBS Bank 4.54 2.79 2.79 3.15
Lender Flt 1yr 2yr 3yr
SBS Bank Special - 2.29 2.29 2.65
Select Home Loans 3.49 3.34 2.99 3.34
The Co-operative Bank - First Home Special - 2.09 - -
The Co-operative Bank - Owner Occ 4.40 2.29 2.59 2.79
The Co-operative Bank - Standard 4.40 2.79 3.09 3.29
TSB Bank 5.34 3.09 3.29 3.45
TSB Special 4.54 2.29 2.49 2.65
Wairarapa Building Society 4.99 3.55 3.49 -
Westpac 4.59 3.09 3.29 3.39
Westpac - Offset 4.59 - - -
Westpac Special - 2.29 2.69 2.79
Median 4.55 2.73 2.99 2.80

Last updated: 8 March 2021 8:01am

About Us  |  Advertise  |  Contact Us  |  Terms & Conditions  |  Privacy Policy  |  RSS Feeds  |  Letters  |  Archive  |  Toolbox
 
Site by Web Developer and eyelovedesign.com