This includes the opption of establishing a single Approved Professional Body (APB) to cover all those working in financial services, although its own policy hasn’t changed.
"We haven’t ruled anything out. We want to look at all the options," says NZMBA chief executive Megan Salt.
"There are still lots of questions and we still don’t have the answers," she says. Much will depend on what the government and Securities Commission eventually decide, she says.
Commerce minister Lianne Dalziel has publicly endorsed the approach of the Task Force of Financial Intermediaries, which recommended a self regulatory model with a set of APBs.
Earlier this month, Salt met with a group representing a number of different financial services organisations including the Financial Planners and Insurance Advisers Association, Insurance Brokers Association of New Zealand and the Society of Independent Financial Advisers to discuss the idea of establishing a single APB.
The NZMBA favours self-regulation supported by "empowering legislation that ensures recalcitrant operators are compelled to comply." It also wants any regulatory regime to be cost effective and not impose huge compliance costs.
Salt says the next step will be to consider the detail. "The old cliché is so true – the devil will be in the detail.
The NZMBA is also having ongoing talks with the Ministry of Economic Development and the Securities Commission.
