Regulatory role not on the cards for Financial Advice New Zealand

It had been suggested when the association was being set up that it could have a position alongside the Financial Markets Authority, overseeing the market.

“We’ve said is there a chance for us to be co- or self-regulating,” former IFA president Michael Dowling said. “We have to walk the talk first.”

Then-IFA chief executive Fred Dodds said it was something he had brought up in early conversations with the FMA. "I asked that question of Rob Everett - if we get this right, would there be any chance of us being self-regulating?"

But chief executive Katrina Shanks said it was not something she was pursuing, although she said the association should have a high-trust relationship with the regulator.