[Weekly Wrap] Let's not follow Australia

There seems to be this idea that there should be Trans-Tasman harmonisation of regulations around financial markets including advice.

However, it is pretty clear that the Australian's haven't mastered this area. There is a recognition that their model hasn't worked, hence the FoFA (Future of Financial Advice) review that the politicians couldn't agree on.

Yesterday the David Murray-led Financial Systems Inquiry (FSI) released its final report. Out of the 44 formal recommendations these two will interest advisers in New Zealand. 

Align the interests of financial firms and consumers
Better align the interests of financial firms with those of consumers by raising industry standards, enhancing the power to ban individuals from management and ensuring remuneration structures in life insurance and stockbroking do not affect the quality of financial advice.