The association offers PI cover as a benefit to its members, via Marsh.

Shanks said the PAA’s scheme had previously given the association access to the policy proposal details.

“When the two schemes rolled together, IFA into PAA, I didn’t realise we had access to that information. As soon as I realised I cut it off. I don’t think we should be seeing that type of detail.”

She said the association was only performing a billing function and did not need more information than that.

The PI scheme had about 700 participants between the PAA and IFA, she said. “It’s a valued membership benefit.” The association receives a sub-commission from Marsh, not the underwriter.

The association slso offers group life insurance. Membership of that scheme will be open for people who did not previously have access to it for a month from October 1, she said.

It was a PAA benefit and had not been available to IFA and NZFAA members until now, she said.

Financial Advice NZ has 1670 members. Shanks said 90% of the members of the founding bodies had moved across.

The remaining 10% were people who were retiring, changing their business model or dropping out of the industry. Some were just sitting back to see what the new association would do, she said.

“We are a new body so some will be waiting to see how we are going to look.”

Shanks said she was focused on operating with as much transparency and openness with members as possible.