AMP general manager, distribution, David Chote, says the rules build on work done within the sector to give customers confidence in financial advice services.
"The new rules will place all financial advisers on a recognised professional footing. Every financial adviser will now have to meet minimum standards. That adds to customers' confidence. And it builds on industry work to improve the financial advice process and improve adviser training.
However, he is concerned about the number of dispute resolution bodies possible under the new rules.
"AMP welcomes the fact that all customers will have access to a disputes system. However, there seems to be a number of dispute bodies and that may confuse people. The industry needs to work together to ensure customers know where to go for dispute services," Chote says. "It would have been simpler and easier for customers to have one body to resolve all disputes."
Innovative options fund
Aurora Property Buy-Write Income Trust's strategy write exchange traded call options against individual shares or securities that they already hold or are about to purchase.
It has appointed investment manager Barclays Capital, with over A$1.3 billion of funds under management in global buy-write investment strategies, to develop, implement and execute the strategy within the trust.
Investors are being given dual liquidity options. They can sell units on the Australian Stock Exchange at the prevailing market price or they can have then redeemed monthly in off market transactions with the manager at net asset value.
The Investment Store picks up another manager
Goldman Sachs JB Were has appointed The Investment Store as its key distribution partners in New Zealand for its asset management business.
The Investment Store, which is run by Matthew Mimms, already acts for Liontamer and Hunter Hall.
It will promote GSJBW's domestic equity and listed property capabilities including the GSJBW Trans-Tasman Equity unit trust.
The investment store will work with Murray Harris who manages the group's relationships with institutional consultants and investors.
"We are focused on growing a successful asset management business in New Zealand by providing clients with access to a range of managed investment products based on the firms' domestic and global capabilities," Harris says.
He says the firm is committed to growing its asset management business and is particularly looking to "deliver our Australasian investment capabilities to a wider audience."
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