The new stepping-stone market planned by the NZX to make capital-raising easier for smaller firms. And — importantly for financial advisers and their clients - improved product disclosure which will make offers of equity, debt, and other products, easier to follow. We can all breathe a sigh of relief about that.
The prior situation - both here and pretty much everywhere else I have worked - was unacceptable. Offer documents designed in anticipation of litigation, rather than for people trying to make, or trying to advise on, investment decisions cannot be right. Cost of regulation I wanted to come back to the subject of the costs of regulation, because professionals raise it with me as I get around the country. And we completely recognise that burden. I argue that the cost of not being regulated - or being too loosely regulated - is twofold.
Firstly, those of you who deal directly with consumers and investors would face questions about whether consumers should continue to be confident in your profession. Indeed, that was one of the reasons for the original decision to regulate when the Advisers Act was passed in To raise consumer confidence in the professionalism and integrity of financial advisers.
Without comprehensive regulation, consumers would be entitled to say: most other professions, where we expect people to exercise highly-developed skills, are regulated and they must meet comprehensive standards of conduct. Say, for example, lawyers, architects, medical professionals. Some of you may have noticed — following the Christchurch earthquake — the pressure on the engineering profession, as a result of the shortcomings that are apparent in the regulation of engineers.
Secondly, without regulation it would become harder and harder for New Zealand to remain a part of the global economy. I say that quality regulation raises the value of the profession — including as it is perceived by the people who are its clients — rather than imposing cost. Absolutely not. As I said before, the FMA recognises that load. You can be reassured that we constantly try to assess whether we -and the legislation we operate - over-burden you with demands.
But confidence and quality regulation go hand in hand. Generally, good regulation — provided it is carefully applied by the regulator - is good for business. Our strategic focus. But I can outline some of them now. Where we will put the greatest weight of our supervision and attention to conduct. And — if things go wrong — where we will take enforcement action. Our aim in identifying these priorities is to improve outcomes — for professionals like you, for investors, for firms - and for the economy generally.
Two of the priorities are immediately relevant to you. I recommend reading the report, because we set out some examples of good practices … the things we expect to see. Notably, we challenged the KiwiSaver providers to think very carefully about their processes for winning new KiwiSaver clients. Another practice we identified is offering a better deal on a credit card, for clients who switch their KiwiSaver to the firm providing the card. Another one is providing clients with documents to sign - for loans and other products - and including a KiwiSaver transfer authorisation without explaining it.
These practices led to unnecessary churning of KiwiSaver clients. Shifting them between providers without good reason and sometimes to their disadvantage. Many of you will have recognised that several of the practices I have described are more likely in the QFE and RFA sector, where advisers are often tied to providers that offer daily banking services, alongside KiwiSaver and funds management.
The majority of our supervision and compliance work is showing us good results. No significant issues to follow-up. But — in other places - we do see shortcomings. And we do see the results of those, for consumers and investors. Which leads us to identify publicly some of the shortcomings. I anticipate that some of those questions will be addressed in the review of the FinancialAdvisers Act. But, notwithstanding the review, I think the sector will have to face up to some critical questions over the next three to five years.
Regulation is solving some problems. But it has highlighted some others. Let me start by repeating what I have said ever since I got into - and indeed was being interviewed for - this job. We want - very much - to feel confident in making that recommendation for consumers and investors — as I have been doing since my first speech in New Zealand, back in April. I think there are a number of questions for the sector in the medium-term. First is a big question. Which is the sector deciding what it offers New Zealand investors and consumers, and how you sell that.
In marketing-speak, financial advice in New Zealand needs to firmly define a widely-recognised, long-term value proposition. And one that accommodates the regulatory framework. I know that there are firms and individuals that have a great reputation. I meet many AFAs who are committed and passionate about what they offer their clients and who have clearly earned the trust their clients put in them. Is it better returns?
Is it quality advice? Is it a combination of these things? Or is it something else completely? Reducing complexity like this might help. I have said repeatedly that the current structure is too complicated for users, too complicated for you all, and - frankly - too complicated for regulators as well. But whilst that issue needs to be addressed before we can confidently direct investors to the sector, reducing complexity is not the solution in itself. The solution to this question — what do advisers offer New Zealanders and what are we doing to encourage New Zealand investors to seek advice?
By the Government. By the regulators. And by consumers. Second is keeping the pressure on to raise standards — such as the minimum qualifications set by the Code. Some people are calling for mandatory, relevant tertiary or degree-level qualifications for advisers. The mood in Australia is shifting to raising the formal qualifications of advisers there, and imposing further professional development.
Not a destination. Is it a profession — with professional standards — or a sector with a low bar to entry and a reliance on good old-fashioned integrity and some part-defined notion of competence? Third is the question of ensuring independence - or at the very least transparency - in advice, particularly for that group of advisers who both sell or recommend products, and who also provide advice.
Where there are incentives for advisers to do one thing when, in the interests of the client, they should do something else. This is an especially tough question, but one that the sector has to confront, and work with us to find solutions that are acceptable. This is critical. And a number of jurisdictions have struggled with this area. We are a leading provider of diversified credit solutions with a history of investing in diversified credit opportunities that span the liquidity spectrum.
Opportunistic investments sourced from our global, open-architecture platform and primarily executed via direct investments and co-investments. We have the resources, experience, and long-standing relationships with managers to evaluate and implement investments in numerous ways. Because different structures offer different benefits, our goal is to choose structures that best match specific investment opportunities. Investments in early stage managers or first funds in return for preferential terms and a share of manager economics.
Bespoke portfolios allow clients to be actively involved in the design, implementation, and monitoring of their alternatives programs. Turn-key commingled investments offer a single point of entry to alternatives across asset classes and strategies. We provide guidance to complement the in-house capabilities of larger clients, who leverage the breadth and depth of our investment and operational resources.
As institutional investors seek new sources of return, they are increasingly recognizing the benefits of investing with small, emerging, and diverse managers. For the past 30 years we have developed specific expertise in funding and supporting these managers as part of our broad investment activity across alternative investments.
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The views expressed are for informational purposes only and are not intended to serve as a forecast, a guarantee of future results, investment recommendations or an offer to buy or sell securities by GCM Grosvenor. All rights reserved. Grosvenor Capital Management, L. This site has been prepared by Grosvenor Capital Management, L.
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His experience within the public sector has been in education, having spent 16 years in business and financial roles with the Ministry of Education. He has worked across both the public and private sectors, including roles at the Civil Aviation Authority, Treasury and in the justice sector where he was part of the inaugural leadership team of the Legal Services Agency.
She was at the Department of Internal Affairs prior to that and was responsible for the initial development of the RealMe services. Her career has been built around information and web-based services with a focus on users and uses of information. As part of the role Kristine also had the opportunity to contribute to wider education initiatives.
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Bringing much needed housing to Metro Vancouver. Conducting a biodiversity study to preserve local wildlife in Nanjing, China. Watch this short film and click the link below to learn more about how we are supporting communities, our recent performance highlights and our future plans. Efficient portfolio diversification in real estate. A collection of thirty-three homes and a retail offering in the heart of historic Jackson Square.
An award-winning residential rental scheme located in the downtown Silver Spring neighbourhood. A rare opportunity to revitalise a waterfront community and shopping district in West Vancouver. A unique low-rise luxury residential development in Yoyogi Park, Tokyo. A story Grade A office building in Hong Kong.
Our expertise. Home Our expertise. We apply our expertise across a range of sectors and activities. Cambridge We are creating new homes and improving community facilities in Cambridge. Hong Kong We are active in the residential, office and retail markets in Hong Kong.
London Our core asset is our London estate, first developed in the early 18th century. Madrid In Madrid, we are focused on transforming underused properties into new residential developments. Paris We have been active in Paris and across France since , in the retail and office markets.
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