Pricing Changes for Fidelity Life and Southern Cross
David Whyte on FAA/FSP Review

MBIE FAA/FSP Review: If You Don't Participate, Don't Complain

I have had meetings with four groups of financial advisers since the release of the MBIE FAA/FSP Review document. Faced with several dozen advisers on each occasion I asked a couple of questions: 

How many of your have read the MBIE FAA/FSP review document? 

In a room of 30 to 40 people just one or two said that they had read the document

How many of you are planning to make a submission? 

None were. 

And it isn't just advisers. I have spoken with some Financial Service Providers and while a number were highly motivated and well-organised in making submissions (with useful things like good data, and real evidence of impact on customers) there were others that were 'keeping an eye on it,' which is the same as doing nothing. 

But when we talked about the document there were plenty of views, much concern, and some truly great insights in every group, adviser, company, and consumer. 

The document contemplates some very important issues. Much is at stake, we may not get another chance to affect how New Zealanders access financial products and quality financial advice for a very long time. Media and consumers like to complain about many of these, often at times when their complaints can have no effect whatsoever. So it seems weird that at a rare moment when participation could actually contribute positively few are making the effort. 

This is a public service announcement: if you can't be bothered, then do not complain when changes are made that you may not like, or perhaps the reverse: that no changes are made and they should have been. 


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