Comments on: SMELLIE SNIFFS THE BREEZE: A new big stick http://www.sharechat.co.nz/blog/smellie-sniffs-the-breeze-a-new-big-stick/ ShareChat Blog Mon, 07 Jan 2013 02:33:22 +0000 hourly 1 http://wordpress.org/?v=3.1.3 By: Phil Pryke http://www.sharechat.co.nz/blog/smellie-sniffs-the-breeze-a-new-big-stick/comment-page-1/#comment-1020 Phil Pryke Tue, 04 May 2010 23:28:18 +0000 http://www.sharechat.co.nz/blog/?p=683#comment-1020 Hi Patrick Congratulations on the award for reporting on the tax cases last year. I followed your articles closely and my eyes didnt glaze over!! There are a plethora of IFRS and tax issues that could really benefit from this kind of writing as the distortions introduced by IFRS and the behaviour of auditors does not help engender confidence in the system Well done Cheers Phil Pryke Hi Patrick
Congratulations on the award for reporting on the tax cases last year. I followed your articles closely and my eyes didnt glaze over!! There are a plethora of IFRS and tax issues that could really benefit from this kind of writing as the distortions introduced by IFRS and the behaviour of auditors does not help engender confidence in the system

Well done
Cheers
Phil Pryke

]]> By: PS http://www.sharechat.co.nz/blog/smellie-sniffs-the-breeze-a-new-big-stick/comment-page-1/#comment-1010 PS Tue, 04 May 2010 01:26:57 +0000 http://www.sharechat.co.nz/blog/?p=683#comment-1010 I don't quite understand your joke about the Sydney banker. Would it be just as funny if it was an Auckland banker? If not, I don't get it. If AU bankers are doing business in NZ isn't it right and proper that they comply with NZ laws? I don’t quite understand your joke about the Sydney banker. Would it be just as funny if it was an Auckland banker? If not, I don’t get it. If AU bankers are doing business in NZ isn’t it right and proper that they comply with NZ laws?

]]> By: BW http://www.sharechat.co.nz/blog/smellie-sniffs-the-breeze-a-new-big-stick/comment-page-1/#comment-1009 BW Tue, 04 May 2010 01:17:36 +0000 http://www.sharechat.co.nz/blog/?p=683#comment-1009 In fairness Patrick - many commentators have been bleating about these issues since 2007/2008 - and the bleats were getting more shrill each month, so it is with some relief to the ear-drums that we see govt finally reacting! There are still outstanding matters of course. The conflict between the statutory duties and an advisor's fiduciary obligations under equity/common law is a major one; the disparity in advisor qualifications; and the "one size fits all" licensing regime (no obvious distinction between financial planners, insurance salesmen, mortgage brokers, stockbrokers, Futures/FX dealers etc). Hopefully these will also get resolved over the next few months. I also think it will be quite interesting as to whether the statutory corporate trustee structure is retained in light of the apparent new approach to regulatory oversight. It's proven completely inept,is fundamentally flawed, and with fund managers being made liable as fiduciaries the trustee corporations appear to be redundant - particularly given what will essentially be duplicative costs. In fairness Patrick – many commentators have been bleating about these issues since 2007/2008 – and the bleats were getting more shrill each month, so it is with some relief to the ear-drums that we see govt finally reacting!

There are still outstanding matters of course. The conflict between the statutory duties and an advisor’s fiduciary obligations under equity/common law is a major one; the disparity in advisor qualifications; and the “one size fits all” licensing regime (no obvious distinction between financial planners, insurance salesmen, mortgage brokers, stockbrokers, Futures/FX dealers etc). Hopefully these will also get resolved over the next few months.

I also think it will be quite interesting as to whether the statutory corporate trustee structure is retained in light of the apparent new approach to regulatory oversight. It’s proven completely inept,is fundamentally flawed, and with fund managers being made liable as fiduciaries the trustee corporations appear to be redundant – particularly given what will essentially be duplicative costs.

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