More financial advisers not necessarily best result: Goldsmith

Paul Goldsmith spoke at the Financial Services Council’s Future of Financial Advice launch breakfast seminar on Friday, about the Financial Advisers Act Review.

He told attendees he did not want to leave the impression that there would be wholesale change on every aspect of the Financial Advisers Act that was touched on in the recent issues paper.

Goldsmith said the Financial Advisers Act was part of an overall effort to improve New Zealanders’ financial capability.  “It’s fundamentally important for NZ as a whole that we build confidence in financial market.”

He said it was important to remain conscious that regulatory change was expensive. “You don’t create an environment of confidence if you’re constantly chopping and changing. There has to be a reasonable threshold before making substantial changes.”