Gordon Campbell | Parliament TV | Parliament Today | News Video | Crime | Employers | Housing | Immigration | Legal | Local Govt. | Maori | Welfare | Unions | Youth | Search


Investigate before you invest



Media release                                                         5 November 2009

Investigate before you invest

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.

The Retirement Commission part-funded the research to get a snapshot of the quality of advice given to investors and to identify key issues.

“I have been concerned for some time about the public’s loss of trust and confidence in the financial services sector. Being able to invest with confidence is a critical part of saving for retirement and managing your money in retirement.

“This research reinforces the need for investors to do their homework. We are about to launch a campaign telling people to investigate before they invest. They need to know what questions to ask to make sure they understand what they are investing in and who they’re investing with. The Sorted website is a good place to start.”

The Sorted information includes eight rules for investing, an advice checklist, and risk and investment recommenders to work out how much risk you should take and what investments might suit you.

Diana Crossan says she will also be taking a keen interest in the new legislation and regulation governing the financial sector due to come into force next year.

“The Consumer research provides us with a benchmark. My report to government next year on retirement income policy will look at what is needed to ensure the legislation significantly improves the quality of financial advice to investors.”

The legislation will include a code of professional conduct which will lay down minimum standards of competence, knowledge and skill. All authorised advisers will have to comply with the code.

“The latest progress report of the Capital Market Development Taskforce says it expects the Financial Advisers Act will go a long way to fixing these issues. That will depend on how the standards are enforced and how advisers are held accountable,” says Diana Crossan.

Visit www.sorted.org.nz/investing. You can also order Sorted’s free Investing booklet at sorted.org.nz/ordering or call 0800 SORT MONEY (0800 767 886).

The full Consumer report is available free online at www.consumer.org.nz





© Scoop Media

Parliament Headlines | Politics Headlines | Regional Headlines

Gordon Campbell: On The Demise Of The Tokyo Olympics

As the Covid vaccines roll out around the world, the Tokyo Olympics are looming as a major test of when (and whether) something akin to global normality can return – to international travel, to global tourism, to professional sport and to mass gatherings of human beings. Currently though, it looks like a forlorn hope that Japan will be able to host the Olympics in late July. Herd immunity on any significant scale seems possible only by December 2021, at the earliest... More>>


Oranga Tamariki: Chief Executive Grainne Moss Steps Down

Controversial Oranga Tamariki chief executive Grainne Moss has decided to step down. More>>


USA: Prime Minister Congratulates President Joe Biden On His Inauguration

Prime Minister Jacinda Ardern has congratulated President Joe Biden on his inauguration as the 46th President of the United States of America. “I look forward to building a close relationship with President Biden and working with him on issues that matter ... More>>


New Zealand Government: Cook Islanders To Resume Travel To New Zealand

The Prime Minister of New Zealand Jacinda Ardern and the Prime Minister of the Cook Islands Mark Brown have announced passengers from the Cook Islands can resume quarantine-free travel into New Zealand from 21 January, enabling access to essential services such ... More>>


A New Year: No politicians at Rātana in 2021

Annual celebrations at Rātana pā will be different this year, amid a decision to hold an internal hui for church adherents only… More>>


Government: New Public Housing Plan Announced

RT HON JACINDA ARDERN HON DR MEGAN WOODS The Government has released its Public Housing Plan 2021-2024 which outlines the intention of where 8,000 additional public and transitional housing places announced in Budget 2020, will go. “The Government ... More>>

Government: Pre-Departure Testing Extended To All Passengers To New Zealand

To further protect New Zealand from COVID-19, the Government is extending pre-departure testing to all passengers to New Zealand except from Australia, Antarctica and most Pacific Islands, COVID-19 Response Minister Chris Hipkins said today. More>>


Covid: Border Exception for 1000 International Students

The Government has approved an exception class for 1000 international tertiary students, degree level and above, who began their study in New Zealand but were caught offshore when border restrictions began....More>>





InfoPages News Channels