Submissions

Supporting New Zealand’s economic stability – Review of the RBNZ Monetary Policy Remit. Thank you for the opportunity to provide a submission in response to the Reserve Bank New Zealand consultation paper on Supporting New Zealand’s economic stability and for giving us a brief extension to finish this submission.

An ongoing Joint Associations Working Group (JAWG), comprising representatives of key financial services industry and financial advice professional associations, prepared this submission for the Quality of Advice Review (Review). The JAWG recommends the Quality of Advice Review focus on these key themes and embed them into the regulatory landscape, to overcome the accessibility and affordability issues impacting the provision of quality financial advice for consumers, customers and clients.

As noted in FINSIA’s 4 February 2022 submission as part of the development of the Terms of Reference for this Review, we believe that this process represents an important opportunity to identify and acknowledge the benefits of professionalism, alongside the equally important roles of professional education and standards, in addition to the role of professional bodies.

In our view, there is considerable merit in exploring how the regulatory model of oversight for financial advisers can be evolved in a way that seeks to mirror other existing regulatory oversight models which currently exist in respect of other professionals within our market. Perhaps the most relevant, and most prominent, model worth considering is that which currently exists within the accounting profession in Australia.

FINSIA welcomes the opportunity to comment on the ALRC Report A Financial Services Legislation - and suggests that frequently the cause of customer harm and dissatisfaction is the application of rigid policies when the application of professional judgement is needed.

FINSIA (the Financial Services Institute of Australasia), welcomes the opportunity to make a submission to the Review of the Quality of Financial Advice Terms of Reference. FINSIA’s purpose is to deepen trust in financial services by raising standards of professionalism. It is a not-for-profit professional membership body for individuals working across the full spectrum of financial services industry in Australia.

As a connector between finance professionals and industry, FINSIA is keen to support the financial service industry’s commitment to earn back trust and create an enduring customer focussed culture.

FINSIA (the Financial Services Institute of Australasia), welcomes the opportunity to make a submission to the Treasury’s consideration of Education Standards for Financial Advisers. FINSIA’s purpose is to deepen trust in financial services by raising standards of professionalism. It is a not-for-profit professional membership body for individuals working across the full spectrum of financial services industry in Australia, including the financial advice industry.

As a connector between finance professionals and industry, FINSIA is keen to support the industry’s commitment to earn back trust and create an enduring customer focussed culture. FINSIA is grateful for the extension of time to lodge its submission until 3 February 2022.

FINSIA (the Financial Services Institute of Australasia), welcomes the opportunity to make a submission to the 2021 Independent Review of Banking Code of Practice (the Independent Review), which has been reviewed by its Retail and Business Banking Council.

FINSIA (the Financial Services Institute of Australasia), welcomes the opportunity to make a submission in response to the Single Disciplinary Body: Policy Paper and the proposals to implement regulations under the Financial Sector Reform (Hayne Royal Commission Response- Better Advice) Bill 2021 (the Bill).

FINSIA (the Financial Services Institute of Australasia), welcomes the opportunity to make a submission in relation to the Financial Accountability Regime Bill 2021 (the Bill). 

FINSIA welcomes the opportunity to submit comments and feedback on the Financial Services Council ‘Affordable and Accessible Advice: FSC Green Paper on Financial Advice’ (Green Paper). Broadly speaking, FINSIA agrees with the proposals put forward in the Green Paper and believe them to be comprehensive and substantial in addressing the problems we are trying to solve regarding complex regulation, escalating costs of operating advice businesses with increased regulatory requirements, and future policy reform.