Associations want mortgage, insurance adviser situation sorted
Professional Advisers Association chief executive Edward Richards said his association was "reasonably comfortable" with the document as it was sent to Commissioner for Financial Advisers David Mayhew last week. The PAA's major concern was that the document would get too prescriptive, like the Australian regime, and Richards said he was pleased the Code Committee did not go down that route.
The lack of action from policy makers in opening up voluntary authorisation for insurance advisers and mortgage brokers only providing advice on category one products was a concern, Richards said.
"We want to make sure the government doesn't lose momentum on that front," he said.
The Institute of Financial Advisers backed up the PAA's push for some haste on voluntary authorisation, with president Nigel Tate saying the IFA wants to reinforce its support for the opt-in provision for insurance only advisers and mortgage brokers.
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