IFA issues structured training guidelines

The Institute of Financial Advisers has released a set of training guidelines for advisers as it believes the Code of Professional Conduct lacks definition of structured training.

Chief executive Peter Lee said the Code definition for structured training was too lax and created uncertainty for advisers and training providers.

"We believe that to be deemed structured, training must meet certain internationally accepted minimum standards. In the Code definition there is no requirement or definition as to how the material should be delivered, or how its effectiveness should be measured," he said.

Lee said that while the IFA had long held its own minimum standards for Continuing Professional Development, the decision to issue new guidelines was in response to advisers seeking greater clarification for the definition in  the wake of new regulations.

"We have listened to those concerns and in response have developed guidelines which are of a robust and internationally recognised standard for the wider financial industry," he said.

Newpark launches legal service

Newpark is helping its advisers stay on the right side of employment law with the launch of Newpark Legal.

Managing director Darren Gannon said the need for legal services was growing as adviser businesses expanded, with members transforming from advisers to business owners.

"A lot of members now have office staff, and they're also bringing in sub-brokers, so we think having the agreements in place and doing that side of the business is really important," he said. "They can have a facility to help them with employment agreements."

Global equities boost NZ Super

A rally in global equities has helped the NZ Super Fund post its first positive return for the first four months of the financial year.

The fund grew by $1.17 billion to close at $17.8 billion on October 31.

The 6.66% monthly gain in October comes after loses of 5.17% kept the fund in negative territory over the financial year to date.