“..A consumer watchdog says Government reforms of the finance industry are too little and too late ..
.. after a mystery shopper investigation found most advice given to customers was “scandalously poor”.
Consumer New Zealand sent mystery shoppers to gather advice on investment and pre-retirement plans.
Out of 17 plans, an expert review panel failed all but three.
Major firms such as Westpac Bank, AMP, Money Managers and Rutherford Rede were among those whose plans the panel slammed.
The three plans that were rated as “good” were from First Capital NZ and Stuart and Carlyon, which provided investment plans ..
.. and Trustee Executors, which provided a pre-retirement plan.
Consumer NZ chief executive Sue Chetwin said the incompetence shown by advisers ..
.. meant Government moves to reform the industry needed to begin immediately .. instead of late next year..”
go to source/story>>Investment advice ‘scandalous’ – Personal Finance – NZ Herald News
