Yesterdays headline from the Financial Review says it all.
There has been a fair amount of regulatory involvement of late over the ditch regarding Financial Planning, and more specifically its remuneration basis – especially the commission side of things. Some are already objecting to its stringent format.
Tentacles from the companies mentioned, MLC, AXA and AMP do reach NZ.
Just like the changes augured by the new Real Estate Act 2008, Kiwi financial planners and brokers have had to implement the new Financial Advisers Act 2008 too.
I sense some more tightening coming, however there is no doubt that brokers and planners in NZ provide a worthwhile service.
I’ve recently seen two home buyers, who in practically all circumstances should easily have qualified for a mortgage, get turned down, only to later, with the assistance of a broker be successful in gaining that home loan.