Performance of advisors "disappointing"

Commissioner for Financial Advisors Annabel Cotton says survey of financial advisors is disappointing but not surprising

5 November 2009
The Commissioner for Financial Advisors says the damning new survey of financial advisors performance is very disappointing.

But Annabel Cotton says it is not surprising as the industry has been largely unregulated until now.

The Consumer New Zealand survey found some of the advice was just wrong, while other written plans that were provided were so confusing the experts could not make heads nor tails of them.

Ms Cotton says a framework to make financial advisors more accountable will be put in place by the end of the year.

She says it will include registration of financial advisors and the setting of minimum standards of competence that will be regulated by the Securities Commission.

© 2009 NZCity, NewsTalkZB