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MBIE: Advisers will be consulted

The Ministry of Business, Innovation and Employment has responded to adviser concerns about a lack of an independent advice practitioner in the working group that will develop the new code of conduct for the sector.

Tuesday, July 11th 2017, 6:00AM 8 Comments

by Susan Edmunds

There is only one AFA among the nine people chosen for the group. Rebecca Vanderbom is head of financial advice delivery and service at Milford Asset Management.

That is something that has worried independent advisers, who have suggested that group has been "captured" by big product manufacturers.

Adviser associations are believed to be taking the issue up with MBIE in their discussions about law reform.

It has been suggested that two advisers could be added to the group, which is allowed a maximum of 11 members.

But James Hartley, MBIE's manager of financial markets policy, defended the make-up of the working group.

"The appointments involved a comprehensive process to ensure that the nine members appointed demonstrate the right mix of skills to develop a code of conduct for all who provide financial advice," he said.

"As required under its terms of reference, the code working group will consult with all parties who have an interest in the code, which will include small adviser businesses. The working group will engage with all types of adviser businesses and consumers right around the country, to ensure everyone has a chance to be involved in the code development process.

"In addition, to ensure continuity with the current Code of Conduct for AFAs, the chair of the current code committee - David Ireland - will act in an advisory capacity to the code working group."

READ MORE: Advisers told: Your voice will be heard

Tags: AFA Code Working Group financial advisers Milford Asset Management MoBIE

« Qualitative reports 'class advice'LVR restrictions to be reviewed »

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Comments from our readers

On 11 July 2017 at 9:39 am Pragmatic said:
All due respect James: but actions speak louder than words
Solution: Include advisers on the committee
On 11 July 2017 at 9:45 am w k said:
advisers have always been consulted and have never been left out of any consultation.

but listening to advisers is a different matter altogether.
On 11 July 2017 at 11:29 am Brent Sheather said:
Well said Pragmatic and w k. Actions do indeed speak louder than words. In my view the MBIE is seriously under resourced in this space and that is why they have consistently bungled the regulation in this area - that and the fact that they have undoubtedly been captured by big business. Those two variables explain why, after all these years of regulation, we still haven’t finished the regulatory process. Goodness knows what it has cost the consumer and advisors. There will be a day or reckoning and it will involve a class action and a few QC’s.
On 11 July 2017 at 12:46 pm Barry Read said:
Being consulted is one thing, being part of the decision making process is another.
On 11 July 2017 at 1:40 pm w k said:
suppose there are 2 advisers and 9 others in the working group. 9 others voted for and 2 advisers voted against - is this considered as being part of the decision making process?
On 11 July 2017 at 2:41 pm John Milner said:
With all due respect to Rebecca Vanderbom, it seems rather ironic as the only AFA within the working group, Rebecca's last position was with the FMA. It would appear the blind could be leading the blind.
On 11 July 2017 at 2:49 pm Ron Flood said:
I am more than happy that no advisers are in the working group, as long as the Code of Conduct will also apply to the 27,000 faceless, nameless ex QFE 'advisers'.
On 11 July 2017 at 4:22 pm w k said:
@ron: "knock on", scrum.

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