EUFA Met Commerce Minister

EUFA Met Commerce Minister

Yesterday members of EUFA Inc Soc. and their legal representative met with Commerce Minister Lianne Daziel yesterday. The discussions included the current serious issues surrounding the Financial Advisor industry and the broader situation of finance company collapses, accountability and ways to progress the complex issues.

From Wellington today, EUFAs coordinator, Suzanne Edmonds said " The meeting was positive and successful, giving EUFA confidence that Government have a commitment in making positive progress with new legislation in the areas needed." She added " The meeting was great and a very encouraging message for investors". Recovery is still a serious and very worrying factor for the group.

Many issues and concerns surrounding company collapses were discussed and both parties interacted over these matters pro actively, sharing information. Minister Daziel showed respect for the EUFA organisations agenda and is genuine in accepting submission EUFA have made and will continue to make. EUFA indicated to the Minister that an 'A' political approach must prevail from the organisation and that prejudices must not influence a productive progress.

Mrs Edmonds stated ; " It is very clear the Minister and Government are trying to work in a very proactive way to give confidence back to the industry, investors and the public generally."

AMPs unresolved issue of the McSorileys case was discussed and Mr Jim McSoriley presented some of the issues that have devastated their lives. During the meeting Ms Daziel kept coming back to Mr McSoriley for information on his case. The Minister was very attentive and EUFA have agreed to make submissions to her office on this particular matter. EUFA members believe the Minister was clearly moved and concerned for the McSorileys and acknowledges the message he gave. The issues discussed surrounded the AMP Advisor, AMPs handling of the complaint, which incorporated a complaint to the ISO.

The McSorileys case was intended to be demonstrated to the Minister as an example, but the Minister seemed to see it in a lot more depth than simply as an 'example'. EUFA advised her that several others effected by the same adviser have joined together to form the AMP action Group under the umbrella of EUFA inc Soc. She showed interest in this fact and requested to be kept informed.

EUFA are also preparing a submission to the Minister in relation to the call to have AMP suspended as Kiwi Saver providers. EUFA will demonstrate to the Minister evidence of AMP's failure to protect customers from their advisers. KiwiSaver has opened some new doors to advisers that may normally be closed. AMP are not required as part of good business practice to belong to the IFA.

Or a similar organisation. Chairman of EUFA Inc Soc, Mr Geoff Birss, of Christchurch, who attended yesterday meeting will be writing a summary of the meeting in relation to other issues discussed which includes bigger and more complex picture facing the New Zealand finance industry ad its victims.

ENDS