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Sovereign applying to be a QFE

Sovereign announced at its road show this week that is applying to become a Qualifying Financial Entity (QFE) so it can provide mortgage and insurance advisers with efficiency benefits.

Wednesday, November 10th 2010, 1:00PM 2 Comments

by Jenha White

As a QFE, Sovereign would be licensed as an entity instead of all of its advisers each having to be individually registered and any dispute resolution liability would lie with the company.

Those advisers that decide to be part of the QFE have to use Sovereign's SovTrack process which ensures its members use the processes required under the Financial Advisers Act.

SovTrack includes training for advisers on how to use Xplan and its specified advice process, Open Polytechnic Standard Set C integration to help advisers prepare for workplace assessments, inclusion in the Xplan license, national support from a practice development specialist, business risk, mortgage and investment templates and two advice wizards.

Sovereign general manager of product and marketing David Drillien says the benefit for advisers of joining is that SovTrack is a process that is simple to use, but robust enough to meet New World expectations, also reducing administrative complexity and the use of multiple systems.

He says Sovereign's QFE plans are gaining momentum and shape all the time although eligibility criteria and limitations have not been set in stone yet.

This is because the terms and conditions for QFE's have not yet been finally decided on by the government which is in a consultation process.

 

 

 

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

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Comments from our readers

On 11 November 2010 at 12:25 pm Wise One said:
I guess if you dont mind restriction on choice of solutions for your clients, then joining a QFE may save you money and time, but at what cost? As a client I want the best product for me thats in the market, that may or may not be what your QFE promotes!
On 11 November 2010 at 6:21 pm Liz Tento Wisdom said:
With the new regime - Small independent brokers who willingly serve their clients are going to suffer, as are those clients who don't want to pay fees for advice. So much for regulation in the interests of the consumer!
There will be a period where investment adviser are not submitting the volumes of business so let's see which QFE is first up to offer full suite of protection to investment advisers!
It's sad for our industry but there's no alternative now - the costs, expectations & incumbents of small independent advisers will be a bit like
paying for your own death sentence. Who wants ( or can afford to) to have the onslaught of the complaints which will now be costly and inevitable.
Like you Wise One , I want the best product - at what price now though?
Commenting is closed

 

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