The 100 working day development process for Financial Advice New Zealand came to a close last Friday.
The Working Group confirmed it has now finalised the recommendations for the new representative body, which will be in the hands of the respective Boards of the PAA, IFA and NZFAA today.
Following IFA, PAA and NZFAA Board approval, each association will commence their constitutional processes, which includes presentation of the Financial Advice New Zealand plan to members and Special General Meetings.
The Working Group has recommended the formation of an Establishment Board to immediately commence work on the strategic objectives identified during the consultation process: advocacy, standards and promotion.
Today it will also agree on the structure of the Establishment Board, which will form part of the required approval by the respective Boards. Appointees will be then sought for the positions.
Co-Chairs of the Working Group, Michael Dowling
and Bruce Cortesi
said, “We are not waiting until the current bodies are closed before we start to do the work.
“The memberships of the PAA, IFA and NZFAA will continue to operate independently of the establishment of Financial Advice New Zealand for a period during the establishment phase.”
The Working Group has confirmed an outline of the next steps and timelines will be available tomorrow, 11 May.