On Monday 1 May, Financial Advice New Zealand made its submission to the Code Working Group on the Consultation Paper for the new Code.

The submission was prepared in conjunction with the three founding bodies (PAA, NZFAA and IFA), and included consultation, input and feedback from MAC representatives, meetings with the Code Working Group, and discussions with members and stakeholders across the industry.

The full submission is available at financialadvicenewzealand.co.nz.

“There are a number of positive elements, but we are concerned about some material shortcomings presented by the consultation paper. In our view these shortcomings will undermine the goal of good advice – the overarching theme of the proposals. Working closely with the CWG and regulator so that the adviser point of view is well understood and addressed, will be crucial over the coming months and will be a major focus for us,” said Sue Brown, Chair, Financial Advice New Zealand.

“On this important point, we are working with the Code Working Group (CWG) in convening an Advisory Group to provide input into the development of the draft Code. The Advisory Group will comprise adviser representatives from all sectors – risk, lending, investment, financial planning and general insurance.”

“As with all complex issues, there are many views at the table. We’ve taken a collaborative approach to regulation and have an active and positive working relationship with FMA, MBIE and the Code Working Group.”

“Our goal is to ensure the adviser view has a strong voice so that we achieve a constructive regulatory outcome for our members which, in turn, will ensure access to quality advice for the New Zealand public.We urge all advisers to read our submission and provide feedback.”