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The question of opt-in authorisation still burns

The burning question of whether insurance advisers and mortgage brokers can voluntarily become authorised has not been answered even though Commerce Minister Simon Power has approved the Code of Professional Conduct for authorised financial advisers (AFAs).

Tuesday, September 21st 2010, 4:48PM

by Jenha White

Power's media contact Rachel Bruce says an announcement will be made soon. Power is currently in Australia.

Code Committee chairman Ross Butler says the opt-in arrangement for mortgage brokers and insurance advisers was built into the Code with the assumption that would happen.

He is confident a decision will be forthcoming fairly soon once the necessary process has taken place because now everyone else has certainty, mortgage and insurance advisers need it too.

Professional Advisers Association (PAA) chief executive Edward Richards says the association is waiting patiently.

He is feeling positive about the likely outcome of an AFA pathway for mortgage brokers and insurance advisers.

He commends the adviser community for being remarkably adaptable considering the lack of clarity for advisers out there running businesses.

New Zealand Mortgage Brokers Association (NZMBA) chairman and chief executive Darren Pratley says he is confident that opt-in authorisation will be allowed, but he is just waiting to hear the Government confirm that.

Institute of Financial Advisers (IFA) chief executive Peter Lee says hopefully a decision will be announced as soon as possible.

He says all five organisations within Financial Adviser Associations of New Zealand (FAANZ) have agreed that the voluntary opt-in provision is good for consumers and they are now looking forward to the decision so advisers are not in limbo and concrete decisions can be made.

 

 

Jenha is a TPL staff reporter. jenha@tarawera.co.nz

« Minister approves the Code Voluntary authorisation allowed »

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