Did issues paper miss opportunities?

Angus-Dale Jones, PAA board member and NZAM head of compliance, said the goals the paper identified to drive the review of the legislation would be vital to the direction it took.

The paper says the goal for financial advice is that consumers have the information they need to choose an adviser, advice is accessible and public confidence in advisers is promoted.

But Dale-Jones said this was too much of a “one-size-fits-all” approach and did not consider the possibility that many consumers did not want a full financial plan each time they sought advice.

At present, offering limited advice is difficult because of advisers’ requirements to prove the suitability of their advice to clients. He said that needed to be addressed in the legislation, not left to the Code Committee to manage.