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Financial Advice New Zealand hits day 100

Today marks the last of 100 days set aside to develop the new adviser association Financial Advice New Zealand, but there's longer to wait for more details.

Friday, May 5th 2017, 2:26PM 1 Comment

Michael Dowling

The working group developing the association said it had reached the end of the Financial Advice New Zealand 100 Working Day Development Process.

It has now finalised the recommendations for the new representative body, which will be released to the respective boards of the PAA, IFA and NZFAA on Wednesday.

After IFA, PAA and NZFAA Board approval, each association will commence their constitutional processes, which includes presentation of the Financial Advice New Zealand plan to members and special general meetings.

The working group has recommended the formation of an establishment board to immediately commence work on the strategic objectives identified during the consultation process: Advocacy, standards and promotion. The structure of the establishment board will be agreed by the working group on May 10, which will form part of the required approval by the respective boards.

Appointees will be then sought for the positions.

Chairs of the working group Michael Dowling and Bruce Cortesi said: “We are not waiting until the current bodies are closed before we start to do the work. The memberships of the PAA, IFA and NZFAA will continue to operate independently of the establishment of Financial Advice New Zealand for a period during the establishment phase.”

An outline of the next steps and  timelines will be available next Thursday.

Tags: Financial Advice New Zealand

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Comments from our readers

On 5 May 2017 at 10:20 pm Murray Weatherston said:
I can't help sharing this comment someone I won't identify sent me in a "who writes this stuff" voice in response to this announcement.

"“…The structure of the establishment board will be agreed by the working group on May 10, which will form part of the required approval by the respective boards. …”

[Their Interpretation]
"Categorically, after 100 days, a date has been agreed to form a committee to plan a mechanism to determine who should be getting ready to get ready …. Subject to change or delay. Meanwhile, Carry on!"

Extremely cutting, I think.

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AIA 4.55 3.19 3.19 3.49
AIA Special - 2.69 2.69 2.99
ANZ 4.44 3.15 3.25 ▼3.39
ANZ Special - ▼2.55 ▼2.69 ▼2.79
ASB Bank 4.45 3.19 3.19 3.49
ASB Bank Special - 2.69 2.69 2.99
Bluestone ▼3.49 ▼3.49 ▼3.49 ▼3.49
BNZ - Classic - ▼2.55 2.69 2.99
BNZ - Mortgage One 5.15 - - -
BNZ - Rapid Repay 4.60 - - -
BNZ - Std, FlyBuys 4.55 3.25 3.29 3.59
Lender Flt 1yr 2yr 3yr
BNZ - TotalMoney 4.55 - - -
China Construction Bank 4.49 4.70 4.80 4.95
China Construction Bank Special - 2.65 2.65 2.80
Credit Union Auckland 5.45 - - -
Credit Union Baywide 5.65 4.75 4.75 -
Credit Union South 5.65 4.75 4.75 -
First Credit Union Special 5.85 3.35 3.85 -
Heartland 3.95 2.89 2.97 3.39
Heartland Bank - Online - - - -
Heretaunga Building Society 4.99 4.35 4.45 -
HSBC Premier 4.49 2.60 2.65 2.80
Lender Flt 1yr 2yr 3yr
HSBC Premier LVR > 80% - - - -
HSBC Special - - - -
ICBC 3.99 2.58 2.68 2.79
Kainga Ora 4.43 3.29 3.39 3.85
Kiwibank 3.40 3.40 3.54 4.00
Kiwibank - Capped - - - -
Kiwibank - Offset - - - -
Kiwibank Special 3.40 2.65 2.79 3.25
Liberty 5.69 - - -
Nelson Building Society 4.95 3.45 3.49 -
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Resimac 3.49 3.45 3.39 3.69
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The Co-operative Bank - Standard 4.40 ▼3.19 ▼3.25 ▼3.49
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TSB Special 4.54 ▼2.55 2.69 2.99
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Westpac - Offset 4.59 - - -
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