Urgent need to sort out adviser regulation: Crossan

Speaking that Conferenz Super Summit in Wellington yesterday Crossan said that there was the current situation was unsatisfactory and that it was too easy for "bad eggs" to work as advisers.

"From my perspective the key challenge for the industry should be addressing the vexed issue of financial adviser regulation."

She ackbnowledged that the current disclosure based regime for advisers has a number of weaknesses

"I remain concerned that anyone can establish themselves as a financial adviser, that there are no industry-wide codes of conduct, disciplinary procedures and standards for advice, that advisers cannot be easily excluded from the industry and that there are no dispute resolution procedures for advisers outside the court system.

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