It's a bit of a futuristic look at the week today as that sums up the week quite well. It started with the FMA releasing its Annual Corporate Plan. One of its big work pieces coming up is the new financial adviser regime and how it will regulate RFAs.
At this stage the answer is it doesn't know. Indeed the FMA were frank in saying that the RFA population, as they call it, is an area which it still doesn't have a great deal of knowledge or insight into.
It was also clear that the regulator has a firm view that are a portion of the population who should not be advisers. It has been relatively powerless to do anything. When it did a review of risk advisers and replacement business there were a number of advisers it wanted to take to court.
Unfortunately, for the regulator, these people hadn't broken any laws.
The take out from this is that all RFAs should be on notice that the FMA will be digging deeply into the sector and looking to significantly raise standards.
On the other side I have spent time with a number of the dealer or aggregation groups this week. It's pleasing to see they are working towards developing their plans for increased regulation and becoming Financial Advice Providers.
A big challenge will be deciding who amongst their members will be "invited" to join their FAPs and who will be cut adrift.
And finally on future things, I am facilitating a session at the FSC conference this year which looks at what the life insurance space will look like in 2023.
It's a really interesting subject and ties in not just what advice and distribution will, or could look like, but also medical technology and digital disruption.
I'd welcome your thoughts on the future of insurance. You can email them to philip@goodreturns.co.nz
And now for a little reflection. Partners Life CEO Namoi Ballantyne has opened on her life story. It's in a podcast which covers her upbringing and time in the insurance industry.
The podcast is available on iTune here and on Spotify here.
Our other reflection piece is an ebook on the ING-backed DYF and RIF funds. It's described as how ING squandered $800 million in a Wall Street casino.
(These are the author's words not ours).
To download the book go to https://www.amazon.com/dp/B07FRZ91TB
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