[Weekly Wrap] Commission debate continues
We were in a shaky capital this week, for the Workplace Savings Forum and Financial Advisers Disciplinary Committee hearings, among other things.
Friday, August 16th 2013, 7:10PM
by Susan Edmunds
As with the last time the FADC convened, today's session was swift - all over within half an hour.
There were three cases to be heard - one was dismissed, one was adjourned for more information and for the third, all that is left to do is for the committee to issue a decision. We'll update you when that happens.
The FMA's Sean Hughes was one of the key speakers at the forum on Thursday. He spoke frankly about some of the failings of the financial services sector over the years and apologised to investors left out of pocket. But he also had some strong words about the need for investors to take responsibility for their actions. You can read the speech here.
Earlier in the week, I talked to Kiwi advisers and representatives about a British survey that showed that many people who had paid for advice would not do so again. British advisers are charging fees instead of receiving commissions. Everyone I spoke to agreed that the key thing for advisers, no matter how they are remunerated, was to prove their worth and show clients the value of using them.
Commission - whether it's direct or soft commissions, has been a hot topic this week. The Code Committee has indicated that it's looking at aspects of soft commission in relation to conflict of interest worries. Chairman David Ireland told me that he thought some were getting a bit off topic but the debate is still raging.
In mortgage news, property analyst Jonno Ingerson says the property cycle still has a fair way to go. In insurance, Russell Hutchison has looked at the trips that are offered to advisers as a bonus - and the media coverage they have had lately.
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