Wellington

A Consumer investigation that found the level of advice from financial advisers to be "scandalously poor" is another blow to the public's confidence in the industry and will eventually "weed out" those practitioners who are bringing the sector down.

Retirement Commissioner Diana Crossan says Consumer research which shows the advice New Zealanders receive from some financial advisers is ‘scandalously poor' will further undermine the confidence of investors who are already feeling burned by the global financial crisis.

Legislation allowing New Zealanders returning home from Australia to bring their retirement savings with them will be introduced to Parliament in about two weeks, Finance Minister Bill English says.

EUFA welcomes the Consumer report on the finance industry, as it confirms the ongoing message that EUFA have been delivering at every juncture for over two years.

Reforms underway will help address poor performance by financial advisers highlighted in the Consumer research, says the Commissioner for Financial Advisers, Annabel Cotton.

Commission rates from life companies have seen a significant shake-up in recent months and sparked calls for the industry to do more to bring in new clients, rather than encouraging the churn of existing business.

Auckland

Wellington

Consumer has mystery-shopped financial advisers again and says the results show that the level of financial advice being provided is "scandalously poor".

Auckland

Patrick Middleton has resigned as head of Westpac Wealth Management to take on the role of chief operating officer at the newly-formed Perpetual Asset Management (PAM).

When financial crisis happens, it's not easy. My strategy is to go back to the basics, like when I first started in the business. I try to be positive myself.