Advisers first to win trans-Tasman recognition
Financial advisers look like being the first occupation to come under the move to have mutual recognition of occupations across the Tasman.
Tuesday, January 30th 2007, 6:58AM
by Rob Hosking
Only three occupations have been specifically mentioned – and financial advisers is the first of those.
This will tie in with the extensive work already under way on changes to how New Zealand financial advisers and other parts of the industry are regulated.
The significance of yesterday’s announcement is that mutual recognition of those rules is now official part of the goal of those changes.
A constant theme of the industry, as those changes have developed, is that New Zealand financial advisers do not want to have to face the same kind of onerous rules as their Australian counterparts.
Commerce Minister Lianne Dalziel says this will not happen, and that the aim is to get mutual recognition of each other’s rules and qualifications, not having the same rules in each country.
“New Zealand has already made the decision to go down the co-regulatory path, and that means all financial intermediaries have to be part of Approved Profressional Body, and they are the front line of regulation, with the Securities Commission providing back up,” she told Good Returns.
“That is not the same as what happens in Australia.”
Rob Hosking is a Wellington-based freelance writer specialising in political, economic and IT related issues.
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