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Should Financial Advisers be regulated?

Friday 27th May 2005

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Earlier this week a Government-appointed Task Force launched an Options Paper. This paper outlines issues facing advisers and also offers four different options for regulating the advisory industry.

ASSET magazine editor Philip Macalister says that adviser regulation is one of the biggest issues facing the financial services industry.

“Whatever changes stem from the Task Force are likely to significantly change the face of the industry,” Mr Macalister says.

It is also a major issue for the savings public. Mr Macalister agrees with the view expressed by the Task Force that having a robust advisory industry is a crucial step towards getting New Zealanders to increase their savings rate.

While much of the public and media attention is on recent Budget announcements such as the Government’s workplace savings scheme, Kiwi Saver, and tax changes to managed funds, adviser regulation appears to have been ignored.

Mr Macalister says it is important that consumers as well as the savings industry get involved in this debate and he encourages people to attend one of the Task Force’s consultation meetings which are being held around the country over the next couple of weeks.

“In order to facilitate the debate and to help achieve some good outcomes we have established this website,” he says.

ASSET is the number one monthly magazine for financial advisers in New Zealand. It is published by Tarawera Publishing Ltd which also produces leading financial planning website also organises and runs the annual Financial Planner of the Year Awards.

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