tmmonline.nz  |   landlords.co.nz        About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds

NZ's Financial Adviser News Centre

GR Logo
Last Article Uploaded: Wednesday, April 24th, 12:52AM

News

rss
Latest Headlines

CWG: Code change not major overhaul

The Code Working Group is rejecting suggestions a change to the Financial Services Legislation Bill (FSLAB) will send it back to the drawing board.

Friday, August 3rd 2018, 6:00AM 1 Comment

The select committee considering the bill recommended that FSLAB be amended so that instead of requiring the code provide minimum standards that must be demonstrated when financial advice is given, the code should apply to people who give regulated financial advice.

SiFA spokesman Murray Weatherston said that was an argument his organisation had made in its submission on the bill, arguing that the code should apply to anyone giving financial advice.

It had said: “The Code Working Group has made great play on the fact that this drafting changes the focus from individuals/persons (occupational code) to a financial advice service. In their public statements and private discussions, they seem to be suggesting that therefore there are a vast number of possible situational combinations that the Code will need to cover. We fear that the Code will take on a physical size of an old telephone book.”

Industry commentator David Whyte, who is chairman of the Lifetime Group, said it appeared the working group would have to retrace its steps. “It is now clear that the code is not destined to be a service code, one of the earlier underlying assumptions adopted by the group.”

But Code Working Group chairman Angus Dale-Jones said it was not simply a case of the code becoming occupational.

“What’s important is that ‘person’ includes individuals (financial advisers and nominated representatives) and entities (financial advice provider) so we are proceeding on the basis that the code applies to them all. So it is broader than an occupational code.”

Dale-Jones said it was likely that the group would be able to provide a code to the Commerce Minister for approval by early in the new year, if not before Christmas.

Tags: Code Working Group FSLAB

« Fund manager research: Where to from here?Mann on a mission to diversify financial advice »

Special Offers

Comments from our readers

On 3 August 2018 at 6:21 pm Murray Weatherston said:
1. Angus should acknowledge the totality of SIFA's submission before simply discarding it. We said the change that Select Committee has now made (to Schedule 2 of FSLAB - introducing clause 32 of 5th Schedule of FMCA) would allow there to be effectively 2 Codes within the Code - one that applied to humans (financial advisers and nominated reps) and would clearly be an occupational code; The other that applied to situations where the entity itself gave the advice (e.g. robo-sales) would have to be different in at least some respects - e.g. it would be very difficult to have a measurable standard for entity competence like Level 5 - who would sit the exam on behalf of the entity?

2. Won't this further delay in the timing of the approval of the Code push out transition day - I thought T-day was going to be 9 months after the Code was approved. Was that ever right; and if so, when was the time-gap reduced?

Sign In to add your comment

 

print

Printable version  

print

Email to a friend
News Bites
Latest Comments
Subscribe Now

Weekly Wrap

Previous News
Most Commented On
Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
AIA - Back My Build 6.19 - - -
AIA - Go Home Loans 8.74 7.24 6.75 6.65
ANZ 8.64 7.84 7.39 7.25
ANZ Blueprint to Build 7.39 - - -
ANZ Good Energy - - - 1.00
ANZ Special - 7.24 6.79 6.65
ASB Bank 8.64 7.24 6.75 6.65
ASB Better Homes Top Up - - - 1.00
Avanti Finance 9.15 - - -
Basecorp Finance 9.60 - - -
Bluestone 9.24 - - -
Lender Flt 1yr 2yr 3yr
BNZ - Classic - 7.24 6.79 6.65
BNZ - Green Home Loan top-ups - - - 1.00
BNZ - Mortgage One 8.69 - - -
BNZ - Rapid Repay 8.69 - - -
BNZ - Std, FlyBuys 8.69 7.84 7.39 7.25
BNZ - TotalMoney 8.69 - - -
CFML Loans 9.45 - - -
China Construction Bank - 7.09 6.75 6.49
China Construction Bank Special - - - -
Co-operative Bank - First Home Special - 7.04 - -
Co-operative Bank - Owner Occ 8.40 7.24 6.79 6.65
Lender Flt 1yr 2yr 3yr
Co-operative Bank - Standard 8.40 7.74 7.29 7.15
Credit Union Auckland 7.70 - - -
First Credit Union Special - 7.45 7.35 -
First Credit Union Standard 8.50 7.99 7.85 -
Heartland Bank - Online 7.99 6.69 6.45 6.19
Heartland Bank - Reverse Mortgage - - - -
Heretaunga Building Society 8.90 7.60 7.40 -
HSBC Premier 8.59 - - -
HSBC Premier LVR > 80% - - - -
HSBC Special - - - -
ICBC 7.85 7.05 6.75 6.59
Lender Flt 1yr 2yr 3yr
Kainga Ora 8.64 7.79 7.39 7.25
Kainga Ora - First Home Buyer Special - - - -
Kiwibank 8.50 8.25 7.79 7.55
Kiwibank - Offset 8.50 - - -
Kiwibank Special - 7.25 6.79 6.65
Liberty 8.59 8.69 8.79 8.94
Nelson Building Society 9.00 7.75 7.35 -
Pepper Money Advantage 10.49 - - -
Pepper Money Easy 8.69 - - -
Pepper Money Essential 8.29 - - -
Resimac - LVR < 80% 8.84 8.09 7.59 7.29
Lender Flt 1yr 2yr 3yr
Resimac - LVR < 90% 9.84 9.09 8.59 8.29
Resimac - Specialist Clear (Alt Doc) - - 8.99 -
Resimac - Specialist Clear (Full Doc) - - 9.49 -
SBS Bank 8.74 7.84 ▼7.29 ▼6.59
SBS Bank Special - 7.24 ▼6.69 ▼5.99
SBS Construction lending for FHB - - - -
SBS FirstHome Combo 6.19 6.74 - -
SBS FirstHome Combo - - - -
SBS Unwind reverse equity 9.95 - - -
Select Home Loans 9.24 - - -
TSB Bank 9.44 8.04 7.55 7.45
Lender Flt 1yr 2yr 3yr
TSB Special 8.64 7.24 6.75 6.65
Unity 8.64 6.99 6.79 -
Unity First Home Buyer special - - 6.45 -
Wairarapa Building Society 8.60 6.95 6.85 -
Westpac 8.64 7.89 7.35 7.25
Westpac Choices Everyday 8.74 - - -
Westpac Offset 8.64 - - -
Westpac Special - 7.29 6.75 6.65
Median 8.64 7.29 7.29 6.65

Last updated: 22 April 2024 9:06am

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