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Susan Edmunds
Susan Edmunds
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Forum attendees agree changes needed

Thursday 11th of February 2016

An Auckland forum to discuss the FAA review options paper was hosted by the Ministry of Business, Innovation and Employment and the Financial Markets Authority yesterday, and was booked out.

It is to be followed by further events in Wellington and Christchurch.

Attendees were asked to discuss aspects of the review and of the suggestions proposed in the recent options paper.

That included whether all advisers should be required to hold a minimum qualification, undertake CPD, work to the same ethical standards and whether they should be licensed at an entity or individual level.

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Paul Flood: The danger is that the 'goalposts' (regarding what is acceptable or unacceptable adviser conduct) may be susceptible to change. Our 'Principles based' legal/regulatory environment lends itself to “prevalence-induced concept change” over time, perhaps not so much in the written laws and Code, as in the interpretation of the prescribed principles.
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Just a tip, if you use more than six, six letter words in a sentence you lose most Kiwi's. So avoid client/adviser confusion when writing your post or article if you would like it read and understood. Ironically, my last sentence was not likely read.
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FMA outlines its latest expectations for advisers
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To correct errors in my previous post: "policies, templates, and controls" should read "policies, processes, systems and controls", and "is more conductive" should read "is more conducive".
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