[Weekly wrap] TNP move creates controversy

Making the announcement this week, TNP said the decision was a result of requests by its advisers, and said the decision might encourage advisers to join TNP but "that's not the primary motivation".

The move comes as PAA and NZMBA members prepare to vote on their proposed merger, and it has prompted calls for NZMBA members to oppose the wind-up.

And although the IFA said it held a "neutral" view on TNP's move, it raised concerns about TNP's decision to create its own adviser designations, saying there has been a "proliferation of acronyms" within the industry.  

However, TNP has played down the concerns by others in the industry, saying it is not about to "rape, pillage and plunder" and that the move wasn't designed to undercut the PAA on fees.