Change continues apace for financial advisers at the moment. The Code Working Group has released its draft Code of Professional Conduct and we are pleased that it reflects much of the feedback the TripleA and other professional bodies gave during earlier consultation rounds.
The notion of “good advice outcomes” has been dropped, and the equally concerning notion of “aggregate expertise” has also been wound back. The Group has settled more on a principles-based approach, rather than a prescriptive approach. It also appears to have listened to our feedback that, overall, the weight of compliance costs fell disproportionally on small adviser businesses.
I have previously mentioned that the TripleA is part of a stakeholder engagement group (SEG) made up of several adviser professional bodies that formulate a united front on many topics. We collectively meet with MBIE, the FMA and the Code Working Group to lobby and advocate for advisers. At times it seems like endless work, but it most certainly has value in the final shape of legislation and regulation that emerges.
That work continues with the SEG meeting in late October. Malcolm Papworth, the TripleA Chair, will be attending to once again push the interests of our advisers. We would also encourage all individual members to provide feedback into the next stage of consultation.
Recently, there have been major announcements around AMP, which won’t impact many of our members but will be of interest to some of the older ex-AXA advisers in the TripleA membership. We’ll be watching with interest as the changes unfold here in New Zealand and we’ll be talking to AMP as necessary. Our Chair Malcolm’s article below outlines the current state of play if this is of interest to you.
The director’s bio this time around is for Robbie Schneider, who has been on the TripleA Board since 2016. Robbie has also provided an article on ethical investing in this newsletter.
Wayne Smith
Chief Executive, TripleA Advisers Association