About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds Other Sites:   tmmonline.nz  |   landlords.co.nz
Last Article Uploaded: Friday, September 20th, 6:10PM
rss
Latest Headlines

[Weekly Wrap] Thoughts on the Adviser X case

Friday, June 6th 2014, 3:49PM

Undoubtedly the attention this week has been on latest ruling made against a financial adviser by the Financial Advisers Disciplinary Committee (FADC). Just to recap a QFE essentially dobbed in one of its AFAs (Adviser X) to the Financial Markets Authority. The FMA took this particular person to the FADC who found against him.

The punishment seemed pretty harsh and included the loss of his ability to sell his book of clients to the QFE, nine months out of work, and although he has more than 20 years experience as an adviser he now has to work under supervision.

People have asked why couldn't this have been sorted out internally without going to the FADC? We have been told that the QFE has a responsibility to inform the FMA of such breaches. This QFE has done this previously but none have progressed to the FADC stage.

It wouldn't be out of line to question this. Indeed the FADC did wonder why the case had got to a hearing.

Watching the FADC evolve is interesting. We do have some concerns about it operates. For instance we have asked the registrar a number of times for information, yet haven't had any responses. Frankly this is pretty poor form.

Likewise, the FADC does not operate with anywhere near the openness of the judicial system. A good example is this particular case which only added to the hearings part of the FADC site a couple of days before the actual hearing.

One of the themes emerging in parts of the broader advisory industry at the moment is changes to some of the groups. We've seen insurance dealer groups get together, mortgage broker groups find new homes and partners, and in the investment space we understand advisers associated with Spicers in Hamilton have left. It has been confirmed from a number of reliable sources, however when we contacted them to find out why we got an immediate "no comment".

Another theme which came up in stories this week included what we would put under the fixed income label. Yesterday a settlement with failed finance company Strategic Finance was announced. Interestingly the Herald reported in it today with the angle where the FMA was defending its use of confidentiality clauses which means no-one, publicly, knows who paid the settlement money.

In this fixed income space we are seeing more debt offerings from organisations like banks. Grosvenor Financial Services chief investment officer David Beattie makes some very strong comments warning people to be careful as the risk/reward equation doesn't stack up. He made the comments at the SiFA conference last week and they were pretty much supported by Harbour Asset Managing managing director Andrew Bascand.

Weekly Wrap continues here

 

 

 

 

« Strategic directors to pay $22mIFA working on pro-bono offering »

Special Offers

Comments from our readers

No comments yet

Sign In to add your comment

 

print

Printable version  

print

Email to a friend
News Bites
Latest Comments
Subscribe Now

Weekly Wrap

Previous News

MORE NEWS»

Most Commented On
Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
ANZ 5.19 4.15 ▼4.04 4.49
ANZ Special - 3.65 ▼3.54 3.99
ASB Bank 5.20 4.15 4.09 4.39
ASB Bank Special - 3.65 3.59 3.89
BNZ - Classic - 3.65 ▼3.49 3.99
BNZ - Mortgage One 5.90 - - -
BNZ - Rapid Repay 5.35 - - -
BNZ - Std, FlyBuys 5.30 4.45 4.35 4.55
BNZ - TotalMoney 5.30 - - -
China Construction Bank 5.50 4.70 4.80 4.95
China Construction Bank Special - 3.19 3.19 3.19
Lender Flt 1yr 2yr 3yr
Credit Union Auckland 5.95 - - -
Credit Union Baywide 6.15 4.95 4.95 -
Credit Union North 6.45 - - -
Credit Union South 6.45 - - -
Finance Direct - - - -
First Credit Union 5.85 - - -
Heartland 6.70 7.00 7.25 7.85
Heartland Bank - Online - - - -
Heretaunga Building Society 5.75 4.80 4.95 -
Housing NZ Corp 5.19 ▼4.15 ▼4.09 ▼4.39
HSBC Premier 5.24 3.35 3.35 3.35
Lender Flt 1yr 2yr 3yr
HSBC Premier LVR > 80% - - - -
HSBC Special - - - -
ICBC 5.65 3.85 3.95 3.89
Kiwibank 5.80 4.30 4.34 4.74
Kiwibank - Capped - - - -
Kiwibank - Offset 5.15 - - -
Kiwibank Special - 3.55 3.59 3.99
Liberty 5.69 - - -
Napier Building Society - - - -
Nelson Building Society 5.70 4.69 4.79 -
Resimac 5.30 4.86 4.14 4.19
Lender Flt 1yr 2yr 3yr
RESIMAC Special - - - -
SBS Bank 5.29 4.85 5.05 5.49
SBS Bank Special - 3.69 3.69 ▼3.89
Sovereign 5.30 4.15 4.29 4.55
Sovereign Special - 3.65 3.75 4.05
The Co-operative Bank - Owner Occ 5.15 3.65 3.59 3.99
The Co-operative Bank - Standard 5.15 4.15 4.09 4.49
TSB Bank 6.09 4.65 4.59 4.85
TSB Special 5.29 3.85 3.79 4.05
Wairarapa Building Society 5.70 4.85 4.99 -
Westpac 5.34 4.15 4.09 4.49
Lender Flt 1yr 2yr 3yr
Westpac - Offset 5.34 - - -
Westpac Special - 3.65 ▼3.54 3.99
Median 5.35 4.15 4.09 4.19

Last updated: 20 September 2019 9:30am

News Quiz

The maximum remuneration model for Australian life insurance advisers is to be set at what?

Upfront 40% + trail 20%

Upfront 50% + trail 10%

Upfront 50% + trail 20%

Upfront 60% + trail 10%

Upfront 60% + trail 20%

MORE QUIZZES »

About Us  |  Advertise  |  Contact Us  |  Terms & Conditions  |  Privacy Policy  |  RSS Feeds  |  Letters  |  Archive  |  Toolbox
 
Site by Web Developer and eyelovedesign.com