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FSC offers info hub for advisers

The Financial Services Council (FSC) has launched a Professional Advice Knowledge Hub, a place to find ‘how to’ webinars and information on changes facing professional financial advisers under the new Financial Services Regime (FSLAA).

Wednesday, September 2nd 2020, 4:10PM 3 Comments

The new rules kick in on March 15 but the FSC said there were still many advisers with work to do and decisions to make.

The hub has been designed in support of the professional advice community to help the community make the transition to the new rules and support great customer outcomes for New Zealanders.

“These are important changes that all advisers must get on board with or risk losing their license to provide professional financial advice. It’s crucial that the industry is prepared for the new conduct legislation and code when it’s implemented in March,” said chief executive Richard Klipin.



“Wellbeing and financial resilience are key to the happiness of New Zealanders, especially in uncertain times, so by raising the bar for financial advice it should give more Kiwis the confidence to seek help and get their finances on track.”

Tags: FSC

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Comments from our readers

On 18 September 2020 at 5:18 am Tony Vidler said:
I admire Richard and the work he has done since taking on the FSC role, however I am confused by this increasing noise by the FSC about apparently representing advisers and advice issues.

How many advice only businesses are members of the FSC? That is; how many members are not themselves product manufacturers or product managers? I wonder also what proportion of its members do not use independent advice channels at all.

According to the FSC they have 76 members, so I imagine there are very few which are advice-only firms.

That doesn't seem very representative to me. Or am I missing something here?

I am not taking a shot particularly at the FSC - they have done excellent work in many respects in the last couple of years, and many things to be admired. I acknowledge that they are advocating for the use of professional financial advice too...however that is not to be confused with being a voice representing advisers...and that particular line is starting to look rather blurry I feel.
On 21 September 2020 at 3:51 pm Murray Weatherston said:
@Tony
Have you only just noticed FSC's push to take over and control adviserland?
IMHO it's been increasingly happening for quite a while already.
In a workplace analogy, its like the business owners taking over the unions.
On 22 September 2020 at 2:20 pm Tony Vidler said:
lol....I wouldn't say I've only just noticed Murray. More a matter of eventually wondering "am I the only one who thinks this?".

I think your analogy is spot on.

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Lender Flt 1yr 2yr 3yr
AIA 4.55 2.55 2.69 2.79
ANZ 4.44 3.15 3.25 3.39
ANZ Special - 2.55 2.69 2.79
ASB Bank 4.45 2.55 2.69 2.79
Bluestone 3.49 3.49 3.49 3.49
BNZ - Classic - 2.55 2.69 2.79
BNZ - Mortgage One 5.15 - - -
BNZ - Rapid Repay 4.60 - - -
BNZ - Std, FlyBuys 4.55 3.15 3.29 3.39
BNZ - TotalMoney 4.55 - - -
CFML Loans 4.95 - - -
Lender Flt 1yr 2yr 3yr
China Construction Bank 4.49 4.70 4.80 4.95
China Construction Bank Special - 2.65 2.65 2.80
Credit Union Auckland 5.45 - - -
Credit Union Baywide 5.65 3.95 3.85 -
Credit Union South 5.65 3.95 3.85 -
First Credit Union Special 5.85 2.95 3.45 -
Heartland 3.95 2.89 2.97 3.39
Heartland Bank - Online - - - -
Heretaunga Building Society 4.99 3.85 3.95 -
HSBC Premier 4.49 2.45 2.60 2.65
HSBC Premier LVR > 80% - - - -
Lender Flt 1yr 2yr 3yr
HSBC Special - - - -
ICBC 3.69 2.45 2.65 2.79
Kainga Ora 4.43 2.93 3.07 3.24
Kiwibank 3.40 3.30 3.54 3.54
Kiwibank - Offset 3.40 - - -
Kiwibank Special 3.40 2.55 2.79 2.79
Liberty 5.69 - - -
Nelson Building Society 4.95 3.45 3.49 -
Pepper Essential 4.79 - - -
Resimac 3.39 3.35 2.99 3.35
SBS Bank 4.54 3.05 3.19 3.25
Lender Flt 1yr 2yr 3yr
SBS Bank Special - 2.55 2.69 2.75
The Co-operative Bank - Owner Occ 4.40 2.55 2.69 2.79
The Co-operative Bank - Standard 4.40 3.05 3.19 3.29
TSB Bank 5.34 3.29 3.45 3.59
TSB Special 4.54 2.49 2.65 2.79
Wairarapa Building Society 4.99 3.55 3.49 -
Westpac 4.59 3.15 3.29 3.39
Westpac - Offset 4.59 - - -
Westpac Special - 2.55 2.69 2.79
Median 4.55 3.00 3.13 3.02

Last updated: 1 October 2020 9:07am

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