2 Comments 2 CommentsThe Financial Markets Authority (FMA) will this week be approaching Authorised Financial Advisers (AFAs) asking to see their Adviser Business Statements (ABS) as part of a review of systems and procedures.
The selected advisers will have seven days to get their ABS to the FMA, with feedback expected within 15 working days.
FMA financial adviser regulation director Mel Hewitson said the process provides an excellent chance for the selected AFAs to receive feedback on their ABS, as well as providing wider guidance.
"If there are themes for ABS improvement that emerge after the first few months of reviews, we are likely to issue hints and tips to all AFAs," she said.
For more information check Mel Hewitson's Good Returns blog here.
IFA launches adviser ethics course
The Institute of Financial Advisers (IFA) is to launch the first business ethics course specifically aimed at the financial advisory profession later this month.
The two courses will be run in connection with the IFA roadshows in Wellington and Auckland and have been developed by the Institute of Business Ethics (IBE) in London and tailored for New Zealand.
IFA chief executive Peter Lee said, "The ethics of our industry has repeatedly come under scrutiny and these courses, which qualify for Continuing Professional Development credits, highlight further steps towards encouraging an ethical culture for our practitioners and service providers."
He said that while ethics training was not a requirement for becoming an Authorised Financial Adviser (AFA), the course "enables those advisers who wish to do more than the basics to learn more and demonstrate their commitment to ethical business and ethical client relationships."
The first course will be held in Wellington on May 17 and is open to non-members, and Lee said it would also be of use to financial services companies.
Risk assets ‘rocket' in April - Tower
As investors turned their backs on low-yielding cash, risk assets such as shares and commodities "took off like a rocket" according to Tower Investments CEO Sam Stubbs.
In the Tower monthly analysis of financial market performance for April, Stubbs said both shares and commodities were back in vogue.
"Good economic news coming out of the US was bolstered by reaffirmation from the US Federal Reserve that it will keep official overnight interest rates at around zero for the indefinite future."
"That has forced money into riskier assets in order to chase returns," he said.
Stubbs also said New Zealand's low interest rates were boosting the domestic share market.
"The New Zealand share market put in a strong April performance to keep up with its international peers, and on a year-to-date basis has come within a whisker of matching the performance of New Zealand Government bonds at 7.1% versus 7.7% respectively."
Across the asset classes for April, commodities recorded the biggest rise at 3.5%. New Zealand and global shares were both up 2.3%.
For the April quarter, commodities were 7% higher, New Zealand shares 5.4% and global shares 3.9%.
IRG secures new major shareholder
Investment Research Group (IRG) held a special shareholder meeting that saw the resolution to place shares with GA Sego passed with 98% of the votes.
Other resolutions relating to the placements and the share purchase scheme were also overwhelmingly carried at 99% to 1% and 98% to 2% respectively.
Managing director Brent King said, "The high compliance cost and lack of critical mass meant that the decision was virtually a ‘no brainer' for shareholders. As all of the conditions of the contract have now been met, settlement is set for Monday, May 9."
He said the IRG directors and management were looking forward to working with GA Sego to provide excellent returns for shareholders.
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