Financial adviser groups are preparing for a series of meetings with the Ministry.

Its consultation document also asks what weight should be put on aligning New Zealand with Australia’s Future of Financial Advice reforms, as well as what advisers think of UK moves to ban commission, whether the public values Registered Financial Advisers’ disclosure documents and whether there would be value in expanding them to cover remuneration.

Other areas outlined as being for stakeholder discussion include whether the 2011 Act has improved professionalism in the industry, what impact it has had on the low-to-mid end of investment advice, whether the “good character” tests done by the FMA go far enough, and  whether conflict of interest disclosure is adequate and whether the QFE scheme is working well.

Financial Services Council chairman Peter Neilson said the discussion points were first circulated about a fortnight ago. He is in the process of organising a response and will meet the Ministry tomorrow. He would not give any further details until his organisation’s response was finalised.

Institute of Financial Advisers chairman Nigel Tate said his organisation had booked a meeting with the Ministry. He and chief executive Penny Mudford would work on what response the organisation would offer.