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Opinion: The advantages of being second class

Is there any plain reason why you pay road user charges for diesel and a license fee for petrol? Not really. You can argue about it, quote the history, but the argument is evidence for the question – not against it.

Wednesday, August 20th 2008, 6:02AM

by Russell Hutchinson

Likewise, is there any reason why selling KiwiSaver may be a category one activity?

Is it because it sounds cool, in the same way a class 'A' drug sounds cool?

Is it because the government could not bear to admit that its own precious scheme would be a category two activity?

What about comparing it to business insurance, which may be a category two (meaning roughly: 'lower thresh-hold to comply').

Say what you like, an adviser cannot ruin you when selling KiwiSaver. With the insurance, if they do it wrong, they could leave you millions out of pocket, facing shame and bankruptcy. But logic does not have to play a part in such divisions. Apparently Kenyans have a saying: "If you see water running uphill, it's the government, not magic".

If you are offended by this idea, and nearly everyone I talk to is offended by it… it is because of natural human pride. We all want the great complexity, skill and professionalism of our particular discipline to be respected.

But stop and think for a minute.

If you are an insurance adviser, or mortgage broker, you should smile at such a categorisation.

Bid the investment planners joy in their 'ranking'. For the meek shall inherit the earth.

Translated for New Zealand insurance brokers in 2008: business is better when you aren't too heavily regulated.

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