[Weekly Wrap] Crackle, bang, pop

Last week's Weekly Wrap didn't quite make it into your inbox for various reason but is now sitting in the Blog section. It's there as it's my first impressions on new FMA chief executive Rob Everret. It's very different from my first impressions of his predecessor Sean Hughes. As I point out in the Blog the purpose of making comparisons is that it, arguably, gives you an insight into how the FMA will evolve under its second CEO.

This week the big issue for advisers is the need to engage in all the various consultation papers being put out by government departments like the FMA and the Ministry of Business and Innovation. The highlight piece here has been Carey Church's call to all AFAs to have their say. It is something we should have run earlier and one of the surprises to me was how many people weren't aware of what has been going on.

This is particularly worrisome, as these papers will help determine the future shape of the advisory industry. You can be absolutely sure that the big organisations like banks and AMP will have their not insubstantial legal teams pro-offering their thoughts. But will their arguments be balanced out with those from truly independent financial advisers?

Sticking with the legal theme a little Good Returns reported at the start of this week that the Law Retirement KiwiSaver scheme managed by Diversified Wealth has closed its doors to new money because of size and the ever growing compliance costs. (It's not really a pop or a bang in a destructive way. Just another provider we will pop off the KiwiSaver register).