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PAA wants to talk to the Commerce Minister

The Professional Advisers Association (PAA) is 95% comfortable with the content of the recommendations with one notable exception: disclosure of remuneration for life insurance advisers.

Thursday, June 21st 2007, 9:53PM
Under the proposals members of an Approved Professional Body (APB) must provide the following information in writing prior to advice being given:
  • Membership of an APB
  • Experience and qualification
  • Access to dispute resolution
  • Past relevant criminal convictions,
  • Relevant remuneration/relationship and
  • Type of advice given.
PAA chief executive Dave McMillian says the association is in favour of disclosure of all information that poses a potential conflict of interest.

"However, we are not convinced that the unique nature of life insurance compensation is fully understood by the ministry."

He says the PAA have requested a meeting with the Minister of Commerce, Lianne Dalziel, to express its concern that the regulations do not currently adequately distinguish the unique characteristics of life insurance remuneration.

McMillian says there are no surprises in what APBs are required to do.

"The announcement confirms what the PAA has been outlining to members. This means that the PAA is free to apply for APB status. We have stated our preference to form an independent APB in association with the IFA, SIFA and the LBA but if this proves impractical then or we can accommodate our members APB needs through the PAA."

« Tower smoothes out application processPinnacle questions PAA stance »

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