Articles tagged with 'Code Working Group'
Regulation change to broaden and strengthen industry: Dale-Jones
15 March 2021 - The chair of the code working group spoke to Good Returns about expectations for the regulation improvements.
The two code standards that advisers need to know
1 December 2020 - Good Returns sat down with Angus Dale-Jones to discuss the impacts of the new code of conduct on financial advisers, including the two code standards that are most vital to advisers.
Code Committee: We've thought about what could have been better
9 October 2019 - Advisers in the new financial advice regime will work under a much narrower “client-first” obligation than AFAs operating in the market at present, says the chairman of the committee that drafted the previous version.
Degree work continues despite Code opting for Level Five
20 May 2019 - The Code of Conduct settling on a Level Five qualification requirement for financial advisers won't stop the development of a new degree for the sector.
[GRTV] No back-down from Level Five, Dale-Jones says
17 May 2019 - A suggestion that the new Code of Conduct for financial advisers is a back down on the requirement for Level Five qualifications is incorrect, Code Working Group chairman Angus Dale-Jones says.
[GRTV] No back-down from Level Five, Dale-Jones says
16 May 2019 - A suggestion that the new Code of Conduct for financial advisers is a back down on the requirement for Level Five qualifications is incorrect, Code Working Group chairman Angus Dale-Jones says.
Code creates opportunities for quality mark
15 May 2019 - Financial Advice New Zealand's quality service mark could be used to fill in some of the gaps in the new Code of Conduct for the advice sector.
Code: That's all?
9 May 2019 - Financial Advice New Zealand is among voices critical of the long-awaited new code of conduct for financial advisers.
Advisers react to new Code
8 May 2019 - The industry has expressed surprise that the new Code of Conduct allows advisers to operate under another license with no minimum qualification requirements.
New code: Shorter, sharper than draft
8 May 2019 - The clock is now ticking for financial advisers to get ready for life under the new code of conduct for the sector. But the version that will come into force is different to that the industry saw during consultation.
Revealed: How much it cost to develop the Code
1 May 2019 - The original budget to write a new Code of Conduct for financial advisers was $150,000, but the total cost so far is more than three times that amount; and the job is still not finished.
'If you expect advisers to work for peanuts...'
16 April 2019 - Some of those who did not want to put their name to their views about the proposed code of conduct for advisers made the most scathing comments.
Code submissions revealed: Industry wanted change
15 April 2019 - Submitters on the draft code of conduct for the financial advice sector took issue with the draft proposed by the working group right from the first code standard.
Code process drags on
13 March 2019 - Advisers are stuck in a no-man’s land while they wait for more information on the new code of conduct.
Code submitted to Minister
6 March 2019 - The Code Working Group has submitted its draft code to the Commerce Minister - but the industry won't find out yet what it contains.
Code still due in coming months
4 February 2019 - The Code Working Group is still on track to deliver a code of conduct for financial advisers to Commerce Minister Kris Faafoi early this year, its chairman, Angus Dale-Jones, says.
Naylor explains why a Level 5 qualification is too low for quality financial advice
3 January 2019 - Massey University Senior Lecturer Mike Naylor says the financial advice sector can't think of education as a box to tick. In this article he explains how the NZQA system works and why a Level 5 qualification is setting the bar too low for good quality financial advice
Lack of prescription could prompt race to the bottom
30 November 2018 - A high-level, principles-based code of conduct may be hard to apply across the financial advice sector, commentators say.
Apprenticeship model possible under new regime
21 November 2018 - Businesses will have more ways to train new advisers into the business under the new advice regime for financial advisers, the chairman of the working group developing the code of conduct says.
No code before Christmas
15 November 2018 - A new code of conduct for financial advisers will not be signed off this year.
Everyone should have Level 5: Financial Advice NZ
13 November 2018 - Nominated representatives should not be given any leeway to skip the qualifications required of the rest of the financial advice sector, Financial Advice NZ says.
SiFA slams draft code
12 November 2018 - Financial adviser association SiFA says the working group developing a new code of conduct has abrogated its duty under the Financial Services Legislation Amendment Bill - and that's just one of its problems.
Adviser associations band together to fix the Code
9 November 2018 - Five adviser associations have agreed on six points about the proposed Code of Professional Conduct for advisers and reported jointly to the working group.
Colleges prepare for student influx
9 November 2018 - Training institutions are readying themselves for an influx of advisers needing to attain the level five certificate in financial services.
Code consultation 'going well'
7 November 2018 - More than 50 submissions have already been made on the draft code of conduct for financial advisers.
Financial Advice NZ: What if bank processes can't be relied on?
7 November 2018 - The code working group developing rules for the financial advice sector might need to pay attention to the regulators’ report into the banking sector, the chief executive of Financial Advice NZ says.
'Clear feedback' code should not govern process
31 October 2018 - The code working group received clear feedback that the financial advice industry felt it should not try to mandate business process with its new code of conduct.
CPD detail may be for associations to tackle
25 October 2018 - The number of hours advisers are required to spend on continuing professional development under the new regime may be a question for professional bodies, the code working group has said.
Draft code “fair” for industry: Mortgage Room’s Fuller
23 October 2018 - Mortgage Room co-founder Paul Fuller says the new draft code of conduct for financial advisers is “fair” for the industry, but admits it is tough on experienced advisers without a level 5 qualification.
Code tackles replacement business
19 October 2018 - How insurance advisers set about replacing clients’ policies may have to change when the new code of conduct for the financial advice sector takes effect.
Draft code “exciting” for mortgage advisers: Shanks
15 October 2018 - The requirement for a level 5 certificate under the new code of conduct for financial advisers presents an “exciting opportunity” for mortgage advisers to up-skill, says Financial Advice NZ CEO Katrina Shanks.
The Code v2 is a shift in thinking
15 October 2018 - A proposed code of conduct for financial advisers gives discretion to businesses in how they meet their obligations – but using it will bring consequences.
Code: From complex to simple
12 October 2018 - The working group developing a new code of conduct for financial advisers has taken heed of submissions made to it - but its new simplified draft still leaves some holes to be filled.
Draft code of conduct revealed
11 October 2018 - Financial advisers will usually need a level five certificate - but not a degree - to meet the requirements of the new adviser code of conduct, released in its draft form for consultation today.
Group preparing for code consultation
24 September 2018 - Code working group chairman Angus Dale-Jones says it is making good progress on its draft code of conduct for the sector.
CWG: Code change not major overhaul
3 August 2018 - The Code Working Group is rejecting suggestions a change to the Financial Services Legislation Bill (FSLAB) will send it back to the drawing board.
Select Committee told: Could do better
1 August 2018 - Recommendations from the select committee considering the Financial Services Legislation Amendment Bill have been welcomed, but Financial Advice NZ says it’s fallen short of the mark.
Code Working Group gets adviser input
25 July 2018 - The first meeting of the Code Working Group and adviser stakeholder group is being held today, aiming to inform the development of the new code of conduct for advisers.
Submitters criticise code suggestions
20 July 2018 - Submitters told the Code Working Group there were serious problems with its initial proposals for a new code of conduct for financial advisers.
Consumer feedback 'good reminder'
13 July 2018 - Consumer feedback on the development of a new code of conduct for financial advisers has highlighted the importance of keeping a client focus, Angus Dale-Jones says.
New advice rules to consider trail commissions
5 July 2018 - Whether advisers have an obligation to offer ongoing service when they receive trail commissions is one of the questions still to be pondered by those developing the new financial advice regime.
Fine balance for new code
2 July 2018 - The Code Working Group has been told by many people that is proposals for adviser competence standards were not right – but no one has yet offered a better solution, its chairman says.
[GRTV] Meet Financial Advice NZ CEO Katrina Shanks
2 July 2018 - Financial Advice NZ came to life this week. In this video new chief executive Katrina Shanks talks about the association's purpose, what members need to do for the Quality Service Mark and more.
What makes an adviser independent, anyway?
21 June 2018 - What constitutes “independent” advice is one of the issues that will be considered by regulators developing the new regime for financial advice.
It's time for RFAs to make some noise
18 June 2018 - If you are an RFA and you intend to be a business owner that's more than just a salesperson into the future, you need to make your voice heard, Jon-Paul Hale says.
Advisers inundate CWG with submissions
12 June 2018 - There are no rate changes to report today. However, mortgage advisers will be interested to see that a massive number of submissions were made to the Code...
Working group considers 161 submissions
12 June 2018 - Angus Dale-Jones says the Code Working group is working through just fewer than 2000 pages of submissions on its initial proposals.
Changes for RFAs nothing to worry about
6 June 2018 - Regulation and compliance. It is the talk of the town at the moment. However, adviser Jon-Paul Hale explains why he is deeply concerned with the continued attitudes between advisers within the financial services industry,
Dale-Jones: Financial advice different to other professions
16 May 2018 - Financial advice is different from other professions because the skills are not necessarily held by the individual giving the advice, the chairman of the Code Working Group, Angus Dale-Jones says.
Working group signals changes
11 May 2018 - Code working group chairman Angus Dale-Jones says the group is already anticipating changes to the proposals it put forward – including the wording of its “good advice outcomes” directive.
CWG proposals doom independent advisers: Association
2 May 2018 - Financial Advice NZ says proposals from the Code Working Group developing the new code of conduct for the industry could eliminate large sections of the “independent” advice force.
The Code – issues for advisers (Part Three)
27 April 2018 - Part Three of Your guide to the new code looks at the vexed issue of grandfathering and how to make a submission. If you want your voice heard time is running out.
The Code – Issues for advisers (Part Two)
24 April 2018 - Your Guide to the Code, Part Two is a must-read. It covers off many of the issues causing debate, including: Duty of care; Will you need a degree? Your competence.
[Opinion] The future of advice is at risk
23 April 2018 - In my 30-odd years covering this financial services I don't think there has ever been a more important time for the future than right now.
Degree 'not the answer to industry's problems'
20 April 2018 - Providing high quality financial planning advice is not that hard and a degree won’t solve the issues present in the industry, an adviser is arguing.
Faafoi considering complaints
19 April 2018 - Commerce and Consumer Affairs Minister Kris Faafoi says he is considering the correspondence he has received relating to the Code Working Group.
[Opinion] RFAs missing in action
18 April 2018 - The lack of RFAs at the recent Code Working Group roadshows should be a big concern for advisers.
[GRTV] Faafoi responds to CWG criticism
16 April 2018 - Commerce and Consumer Affairs Minister Kris Faafoi says he’s made it clear from the outset that small financial advice businesses need to have their voices heard as the new regime is developed.
Code proposals 'baloney'
12 April 2018 - Advisers working for small advice firms would be left with little time to advise if the code working group’s proposals are adopted, SiFA has argued.
No complaints about working group
6 April 2018 - Commerce and Consumer Affairs Minister Kris Faafoi says he has not had any formal complaints about the composition of the working group developing financial advisers’ new code of conduct.
Education providers: Proposals a backwards step
28 March 2018 - Education providers are not happy with qualification and competence proposals offered up by the Code Working Group.
[Opinion] Serious concerns over Code Working Group behaviour
26 March 2018 - Advisers should be worried about what is happening with the Code Working Group. It's meant to be consulting with the industry but is trying to gag Good Returns and others.
Code proposals show product provider influence: Tate
21 March 2018 - Product providers are reaping the benefits of a code working group full of product providers, a prominent adviser says.
Shake-up coming for RFA insurance advisers
15 March 2018 - Insurance advisers operating as RFAs are being told they will need to have some qualifications to operate in the new advice environment – and whether that’s level 5 or a degree-level will depend on what they offer.
Flight to big providers 'possible unintended consequence'
14 March 2018 - An option that will allow financial advice providers and their financial adviser or nominated representatives to achieve new competency requirements “in aggregate” could cause a flight to big dealer groups.
Code working group reveals proposals
13 March 2018 - Financial advisers offering financial planning services are set to be expected to operate with a skill level equal to a degree qualification.
Working group raises FSLAB worries
28 February 2018 - The working group developing a new code of conduct for financial advisers has suggested changes to the Financial Services Legislation Amendment Bill (FSLAB).
Code working group's next steps
12 February 2018 - A consultation paper for feedback on the new code of conduct for financial advisers should be available by the end of next month.
Stakeholders urged to submit on bill
15 January 2018 - Submitters are working to a tight timeframe to get their views in on the Financial Service Legislation Amendment Bill.
It's real; Financial adviser reforms are go
7 December 2017 - The Government has pushed the go button for significant reforms to how financial advice is delivered in New Zealand. This evening the Financial Services Legislation Amendment Bill has had its first reading in Parliament and now goes to Select Committee.
Working group outlines new code's principles
1 December 2017 - Investment advisers look unlikely to need to meet higher competence standards under the new code of conduct for the industry.
Advice bill faces year-long delay
30 November 2017 - New rules for financial advisers are likely to be delayed until the end of next year.
Mortgage advisers: start thinking about your education now
24 October 2017 - Change is coming under the new financial advice regime and mortgage advisers are being urged to start getting ready for it now.
Should lawyers give financial advice?
19 October 2017 - Since the Financial Advisers Act (FAA) came into force there has been some angst over exemptions for other professions – such as lawyers and accountants. Are financial advisers right to be concerned that lawyers and accountants can hand out financial advice? Are there any restrictions on them?
New code's wider scope helps advisers: Chairman
19 October 2017 - Authorised financial advisers will benefit from being part of an industry fully bound by a code of conduct, the chairman of the working group developing the new code says.
Working group lays out plans
14 August 2017 - A preliminary draft of the new code of conduct to cover all advisers is expected by next March or April, the working group developing it says.
GRTV Ep3: Code working group; the value of opening up to your clients; and risk advice upheaval
12 August 2017 - In this latest episode of GRTV, Good Returns publisher Philip Macalister sat down with the chairman of the Code Working Group, Angus Dale-Jones, Dr. Philip M. Randall, managing partner of The Thorndyke Group and Partners Life chief executive Naomi Ballantyne.
Dale-Jones happy with Code Working Group
9 August 2017 - The chairman of the Code Working Group, Angus Dale-Jones, responds to criticism of the make up of the group and also outlines its plans.
Dale-Jones: Judge us on our transparency
9 August 2017 - The chairman of the working group set up to develop a new industry code of conduct has deflected criticism of a lack of adviser involvement.
Financial Advice NZ set for take-off
3 August 2017 - Financial Advice NZ's working group has revealed the board who will lead it through the establishment phase.
Lack of adviser voice 'scary'
19 July 2017 - Mike Newton, of advice firm Newton Ross, told Good Returns it was scary that none of the nine people chosen to develop the new code were financial advisers.
MBIE: Advisers will be consulted
11 July 2017 - The Ministry of Business, Innovation and Employment has responded to adviser concerns about a lack of an independent advice practitioner in the working group that will develop the new code of conduct for the sector.
