IFA farewells FAANZ

FAANZ was established in 2008 to assist the regulators during an initial period of change when it was important for the regulator to engage with a diverse range of industry participants.

IFA president Nigel Tate said that with the initial period of regulator consultation over and the Financial Advisers Act established, the Institute has decided it is more appropriate to focus on areas more relevant to its members.

"FAANZ has functioned well over the past five years and is a credit to the participating organisations. We wish the remaining member bodies well and will happily work with them on an adhoc basis if required."

Tate said the Institute would maintain its focus on creating a distinct financial advising profession in New Zealand, developing professionalism amongst its members and drawing on its international connections "to be a key driver of the current regime."