Financial Advice New Zealand is pleased that the new government is not rushing into regulatory changes that affect financial advisers.
“We are pleased that the 49 action points exclude the review of the Credit Contracts and Consumer Finance Act 2003 (CCCFA) announced in the New Zealand National Party & ACT New Zealand Coalition Agreement.
The adviser sector has worked hard to lift the profession while supporting clients during a stressful time. A time when there has been significant financial uncertainty for many individuals and businesses. The breathing space is appreciated by our advisers.” says Interim CEO, Tony Dench.
Financial advisers have completed education to achieve Level 5 qualifications and over a third of Financial Advice NZ members have gone on to achieve a Trusted Adviser accreditation. This provides consumers with certainty that the adviser is committed to ongoing professional development, including having completed a professional ethics workshop and has a minimum of three years adviser experience.
Many of its financial planning members are recognised under the global accreditation by the Financial Planning Standards Board, the Certified Financial Planner or CFP pinnacle mark. Consumers can access advisers and their accreditation through the Financial Advice NZ website, giving them additional information when they are looking to choose an adviser that best suits them.
“Financial Advice NZ wants to ensure all New Zealanders have access to quality advice, and access to credit that considers their unique circumstances. I look forward to engaging with the new Ministry of Regulations, and the Minister of Regulation and Associate Minister of Finance, David Seymour. He knows and understands the sector well.
We will continue to champion issues that are important to advisers working in insurance, lending, investment, and financial planning, and the sound work done on conduct and culture.” says Tony Dench, Interim CEO
This year, Financial Advice New Zealand sponsored the Massey University Retirement Expenditure Guidelines. The report, released in October, calculated that retirees needed a minimum of $689.52 per week to sustain a no-frills lifestyle as a single person living in Provincial New Zealand. “The extra $600 per year for Super payments outlined in the National Party and NZ First Coalition Agreement will be helpful for many Kiwis, but the need for retirement savings remains and financial advisers can support New Zealanders of all ages to plan appropriately for the lifestyle they want and can afford.” says Mr Dench.
“We predict some movement among property investors in the medium term, however insurance premiums are predicted to continue to increase, so whether the sums add up enough to impact the lending market and thus, our lending advisers’ businesses, we will need to wait and see.”