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Is FSC taking adviser mantle?

Is the Financial Services Council dabbling in a space that should be left to financial adviser associations?

Thursday, February 14th 2019, 6:00AM 2 Comments

Richard Klipin

That's a question raised as the Financial Services Council readies to roll out a series of summits across the country from March, providing financial advisers with information about forthcoming regulatory change.

The FSC represents KiwiSaver providers and life insurers but its target market for the summits is financial advisers.

Former Institute of Financial Advisers chief executive Fred Dodds said the FSC seemed an unusual choice to lead the charge in such a way.

"Why are they doing this? For the adviser world it would have been better to have associations getting together to run these roadshows."

There has been a sense within some sectors of the financial advice community that new regulations had played into the hands of big product providers. Dodds said the FSC roadshows could be seen by some to be a continuation of that.

He said there would likely be a number of events and communication on a similar theme as the new regulations came closer to taking effect. "But there will only be one set of rules and people should look to their professional associations to carry the cudgels."

Dodds said while advisers would have a close relationship with product providers, such as those represented by the FSC, it should be the professional associations that did the work of advocating for advisers.

Financial Advice New Zealand chief executive Katrina Shanks said her organisation's core purpose was to provide a professional home for advisers, "where we focus on promotion, advocacy and standards."

She said the association would work with the Financial Markets Authority to keep members up-to-date as the industry progressed towards change.

"We have not had a conversation with FSC about their strategy plan or vision, so can't really comment on their adviser roadshows."

FSC chief executive Richard Klipin said the FSC had a mandate to help the clients of members to make the transition from the current regime to the future.

"We would encourage everyone to do their own. Whoever has a vested interest can help add to the debate. 

"It's not us or them, it's us and them."

He had previously said regulatory changes would affect everyone in the industry. He said his organisation had established a distribution committee over the past two years and held the first of these summits in 2017.

"It's the start of the process, trying to bring the clients and marketplace of FSC members on the regulatory journey."

Some of the details of what's to come are yet to be finalised.

A Ministry of Business, Innovation and Employment spokesman said the ministry as working on developing the disclosure requirements that will apply in the new regime and would have more details in the coming months.

"The work is progresing well and is still on schedule for the bill to pass in early 2019."

Tags: Financial Advice New Zealand FSC regulation

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Comments from our readers

On 15 February 2019 at 9:07 am dcwhyte said:
What the industry is facing is more significant than any concerns over territorial rights.

FINANZ will be represented at the March Roadshows and it's important that the industry responds in a cogent, coherent, and united fashion to the proposals from the FMA/RBNZ/ARC reports instead of questioning who has the bragging rights to talk on behalf of any one sector of the industry.

Constructive, research-based evidence presented by a unified voice will be potentially more effective that fragmented random squeals of dissent from splinter groups or individuals voicing their personal grievances.

My 10 cents worth.
On 15 February 2019 at 9:57 am smitty said:
Its interesting watching the evolution of FANZ (Thats Financial Advice NZ - not Franchise NZ, Fertiliser NZ, nor Funds Admin NZ), and looking at "our" new front page for the professional assoc, the number of articles dedicated to Mortgage based advice, is perhaps telling and may be indicative of who yields the most power in the newly formed group.

Early days, but I would suggest this is how niche groups begin, they address the specialties that practitioners have. Still waiting to hear about the marketing of CFP to NZ based customers, and no that is not their newly created "QSM".

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