IFA confident adviser regulation won’t be hindered by under-funding

Any fears IFA president Lyn McMorran had the implementation of the Financial Advisers Act could be underdone were swept aside after she met with Commerce Minister Simon Power, who reaffirmed his commitment to ensuring a smooth transition to the new regime.

"Mr Power and the government have been very encouraging," said McMorran. "He has assured us it will happen."

The government earmarked, in its budget, $11.7 million for the Securities Commission over the next four years to implement a regulatory body for the sector. The regime is expected to become self-funding through industry fees by the end of this period.

A spokesman for the minister said the preliminary report into the fees review has been completed, and expects the final copy to be completed in the next couple of months. He also confirmed the level of funding will not change.