Clarification offered on Financial Advice NZ questions

The document was posted as part of the launch of the proposal for Financial Advice New Zealand, a new professional body for financial advisers.

But it had some scratching their heads because it told members they would be asked to vote for or against the formation of Financial Advice New Zealand in July, after which it would take 12 months for the organisation to get off the ground.

The Q&A said once the vote was made in support of the idea, the IFA and PAA would start proceedings to close.

That is in contrast to the message from IFA and PAA last week that members were voting to merely give the two organisations the mandate to start working together to develop the new body, and that all three could continue to exist if that was what members wanted.