APB's - What's the rush?

Saturday, December 17th 2005, 3:34AM 3 Comments

I was talking to someone in Wellington the other day and commented that it seems like advisers are looking forward (positively) to regulation.

This person was surprised that there was a group of people who want to be regulated.

By and large it is true - there is some optimism about regulation.

Although it is also true that many advisers (and good ones as well as bad ones) will decide to take down their shingle and call it a day when regulation arrives. It happened in Australia and it will happen here.

Another positive is that there is lots of discussion and groups are putting up their collective hands and saying yes we want to be an APB.

But it seems some are getting a little over-excited. No-one knows what an APB will and won't be allowed to do, and it is totally unclear whether existing organisations will be allowed to be APBs or whether a range of different organisations have to be established.
While things sit in this state, these organisations have to bide their time and show some patience.

My view is that some of the talk at the moment appears to be premature and that it is unwise to be trying to make important decisions on the future shape of the industry, before the rules (or even a draft set of rules) have been established.

Yes embrace change, and use it as an opportunity, but spend the time making sure the correct changes are made and implemented for the best interests of key stakeholders.

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Comments from our readers

On 30 December 2005 at 6:39 am Jens Meder said:

Sorry, but it would be helpful if less known initials and acronyms would have at least one explanation in an article, because they all cannot be remembered by all all the time.

So - what does APB stand for?

And of what use is all this "online casino" collection of words? Jens.

On 6 January 2006 at 3:33 am Russell Hutchinson said:

It looks like Phil's blog is being attacked by an automated commenting system - they do this to get free advertising.

I certainly hope it is not some subtle comment on the prospects in the industry or its need for regulation!

On 6 January 2006 at 11:28 am Phil said:

Hi Russell

While others holiday the ratbags sit at their computers spamming. Hopefully most of it has gone now.

Look out for a couple of posts in the next few days. This banks pushing debt is interesting as is a recent survey

http://www.nzherald.co.nz/search/story.cfm?storyid=000A57F3-0AD5-13B9-83E883027AF1010F

APB's - What's the rush?

Saturday, December 17th 2005, 3:34AM 3 Comments

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