Podcast News Wrap For 8 July 2020
Lawyers at Dentons Kensington Swan are questioning the A, B, C class system for financial advisers proposed by the FMA.
They say consumers could be confused by the system thinking someone with a class ‘A’ licence is somehow better than someone with a ‘B’ or ‘C’ licence. They suggest the licences be called: single adviser licence; a multi-adviser licence; and an unrestricted or comprehensive licence.
The FMA is partway through its consultation on the incoming regulatory regime that starts in March 2021. Anyone wanting to have their say can make a submission to the FMA by 7 August.
Fidelity Life’s Craig Winterburn, the firm’s General Manager Distribution, is now working at Share, a New Zealand-based network of financial advisers, as its National Network Development Manager.
Financial Advice NZ is holding a webinar at 10am Wednesday 8 July where its CEO Katrina Shanks will outline the organisation’s proposal for its Trusted Adviser accreditation and its criteria.
Shanks says the Trusted Adviser mark will distinguish advisers who have chosen to commit to qualifications and ongoing professional development at a level higher than that required by New Zealand law and code.
More financial advisers are planning to operate under their own transitional licence than 10 months ago according to our latest poll.
In October 2019, 68% of those who cast a vote in our poll said they would work under their own licence. But today that figure has risen to 83%. There’s still time to cast your vote and see the full results.
Statement of Intent
The FMA’s Statement of Intent, released last week provides a comprehensive overview of its expectations from those working across the sector, and includes its definition of what it believes is fair when it comes to how consumers should be treated.
The regulator says it expects all market participants to act fairly and professionally, and be committed to pursuing the objectives and spirit of regulation rather than just the letter of the law.
Suncorp New Zealand
Suncorp New Zealand CEO Paul Smeaton is leaving the New Zealand operation to take up a newly-created role as its Chief Operating Officer – Insurance in Brisbane.
The company’s New Zealand Chief Financial Officer Jimmy Higgins will step in as Acting CEO while the recruitment of a successor for Smeaton is undertaken. Smeaton’s new role takes effect on 20 July 2020.
With the revised Privacy Bill due to become law on 1 December 2020 specialist privacy lawyers at Dentons Kensington Swan have drawn up a list to help business owners prepare for the incoming changes.
Their first recommendation is that business owners develop a plan to manage any breaches of data, as business will be expected to comply with the notifiable privacy breach regime.
The firm says that while breaches can be difficult to predict, your response shouldn’t be. Now is the time, they say, to create a plan about how your business will assess, contain, and respond to breaches in a way that complies with the new act.