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Shanks meets Faafoi

Financial Advice NZ finally meets with Commerce Minister Kris Faafoi and puts it case for a seat on the Code Working Group.

Wednesday, August 15th 2018, 10:07AM 8 Comments

Commerce Minister Kris Faafoi is considering Financial Advice New Zealand’s request to join the working group developing the new code of conduct for financial advisers.

Although the group is well-advanced in its work on the code, the new association has taken up the argument, on behalf of financial advisers, that there should be a practising adviser among their number.

Earlier attempts to lobby for an adviser representative were unsuccessful, although the code working group set up an adviser stakeholder group to offer feedback.

Financial Advice New Zealand chief executive Katrina Shanks had a meeting with Faafoi last week.

No decisions were made on the day of the meeting.

“The meeting went well and the minister is going to consider our request,” she said, “which is what we asked of him.”

Shanks has said previously that it was important the association was in a position to engage with regulators and help to craft a new regime that was consistent with the aim of improving consumers’ knowledge of, trust in and access to financial advice.

The code working group is due to reveal some further proposals soon and is working towards delivering a code to the minister either just before Christmas or early in the new year.

The new regime will take effect nine months after it is signed off.

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Comments from our readers

On 15 August 2018 at 1:56 pm Eyeinthesky said:
Isn't this all a bit late in the piece?

One adviser only on the CWG wont make a bean of difference.
On 16 August 2018 at 6:09 am Pragmatic said:
I'm afraid the CWG ship has sailed... with any adviser representation at this very late stage simply tokenism
On 16 August 2018 at 11:23 am Roderick said:
Won't someone need to wake up Minister Faafoi. Pretty sure he is fast asleep at the wheel here.
On 16 August 2018 at 11:41 am Ron Flood said:
Eyeinthesky & Pragmatic, I don't agree that it is a lost cause. Having an adviser presence within the committee at this late stage may provide some balance to discussions that may have been missing to date.

It is a step in the right direction having stakeholders give feedback but nothing compared to having a presence within the committee.
On 16 August 2018 at 1:15 pm Eyeinthesky said:
@Ron Flood,
I agree that ideally we SHOULD have presence on the committee. However I question what "balance" would come from one individual against the tide. We need more representation there. After all, this is about adviser regulation, and it is clear that to date the powers that be, are not interested in anything other than dictating to advisers what is going to be happening to them.

There has been very little effect from any 'consultation' we have been involved in. As Pragmatic says, the ship has sailed.
On 16 August 2018 at 2:38 pm Tash said:
What adviser? An investment adviser won't help Life advisers and vice versa. Really need two or three advisers on the Code Committee.
On 16 August 2018 at 5:49 pm gavin austin adviser business compliance said:
Actually Tash the article only refers to an "Adviser" no mention of what type so we shouldn't assume it's an investment adviser. Even at this stage any voice from an advisers viewpoint is better than none.
In the short time that Katrina has been in her role she has achieved more than the old brigade of PAA and IFA so well done to her.
On 17 August 2018 at 2:51 pm Eyeinthesky said:
@Roderick

He's not fast asleep, he's just letting all his cronies get on with it, without interfering.
There is an article in GoodReturns from November last year where a number of the comments at the bottom of the page suggest he was likely to be some sort of saviour to advisers.

I guess sentiments have changed somewhat. I for one have never counted on politicians in past or present roles doing anything useful.

https://www.goodreturns.co.nz/article/976506074/new-minister-gets-into-client-first-debate.html

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