Financial Advice NZ member number revealed

Financial Advice NZ described a busy year of advocacy and oversight for industry professionals at its annual conference in Christchurch.

Tuesday, September 13, 2022 at 6:19 AM

Eric Frikberg

It was revealed that there are now 1514 members, including 284 new members, but an unspecified number of members have admitted to leaving the industry. About three-quarters of our members are men.

The update was announced by Chair Heather Roy at the association’s meeting last week. Surveys show that members are satisfied with the organization they belong to, with 85% believing Financial Advice NZ is on the right track and 86% saying they would recommend joining. to someone else.

“These are very positive numbers, consistent submissions three years in a row, and give us confidence that our work is appreciated,” said Roy. .

“Our aim is to help New Zealanders achieve economic choice and achieve financial security.”

Roy also provided an update on membership status in the first year of the new regime.

“73% of our advisory members work directly with licensed FAPs and 27% work with licensing bodies.

“And if you don’t have a full license yet, we encourage you to do so as soon as possible.”

Roy also commended members who attended ethics courses as part of the organization’s Trusted Adviser program.

“We look forward to more people earning the Trusted Adviser mark.”

In his speech, Mr. Roy referred to the association’s defense of government policy, particularly the Credit Contracts and Consumer Finance Act (CCCFA).

This was a difficult task, she said.

“There is a lot of work to do and it falls on[Chief Executive Officer]Katrina Shanks. It deserves recognition for its extraordinary achievement.”

CCCFA has been one of the big troubles for Financial Advice NZ. Roy said the impact was felt early on. The study uncovered 300 cases in which lenders were restricted in what they could do just weeks after the law came into force.

Two controversial rules have been amended by the government after lobbying by a number of groups, including Financial Advice NZ.

These included eliminating the need for lenders to sift through a fine-toothed comb the expenses of those they wanted to borrow. Further reforms are being considered. But many groups believe his two tranches of reforms have not gone far enough, and the Kuomintang is committed to full reforms.

Another target of lobbying by Financial Advice NZ was the Financial Markets (Conduct of Institutions) Amendment Act. This will impose strict scrutiny of intermediaries by financial institutions. Although some provisions remain, the scope of control for independent operators has been relaxed.

After explaining this process to the audience, Roy earned a round of applause for the work Shanks did.

Roy also revealed that professional development played a major role in the organization’s year, with 6,872 people attending 41 training webinars.

The roadshow was held in 6 locations with over 300 attendees. They covered topics such as economics, law and regulation, liability insurance, and the FAP program.

tag: FANZ Annual Meeting

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