AMP and the FMA recently hosted the first QFE Round Table, with representatives from 46 QFEs around the country and 10 FMA members from the compliance division.

AMP said the purpose of the forum was to discuss emerging issues for QFEs and provide an opportunity for QFEs to get together to discuss with the FMA, the common themes arising in their businesses. .

AMP executive legal counsel Therese Singleton said: “With an increasing regulatory regime across the financial services industry, it was likely that all the QFEs across New Zealand were experiencing many of the same issues.  We thought there would be an immense opportunity, and indeed benefit, by bringing together all the QFEs to discuss the issues we are facing, identify constructive solutions and provide a consolidated industry-wide response to the FMA.”

She said the meeting discussed what input QFE industry participants should have in the review of the FAA. It was an opportunity to create a united view that would have input on any changes that might come about, she said.

Singleton said most QFEs were supportive of the QFE concept and most worked well with the FMA. But she said there was a desire to maximise the consumer benefit and understanding of the regime.

She said having three types of advisers – RFA, AFA and QFE – was confusing for people within the industry – “let alone consumers. That’s one thing that we’d definitely like simplified.”

She said while QFEs ranged from organisations such as Harvey Norman through to AMP, they shared a common goal of more consumer protection. “There may be nuances but everyone generally believes what is better for consumers is better for the industry.”

FMA director of compliance Elaine Campbell said: “QFEs are one of the many sectors that are now within our regulatory mandate. We’re pleased to support initiatives like the QFE Round Table. This is an excellent forum for discussing a wide range of issues in an informal and constructive setting that helps maintain an open relationship for us and the sector.”

The Round Table will next meet in March, hosted by Westpac.