1. NEWLY DESIGNED PAA LOGO

2. Advocacy in Action Securities Commission QFE model Financial planning definition Adviser supervision Code Committee New Code of Professional Conduct Final submission due 7 May ETITO PAA Guide to Education NCFS, Level 5 (Financial Advice) Challenge Assessment FSCL or ISO 2 Disputes Providers to choose from

3. PAA Position on Commissions Chairman & CEO both spoken to ‘Good Returns’ at time of the Minister’s announcement last week We seek a balanced outcome in NZ; commission debate in Australia has become politicised Commissions or fees are acceptable so long as remuneration system declared to client Commissions make life affordable for clients

4. PAA Regulatory Initiatives for Advisers PAA Friendly Guide to Education (March ) PAA Adviser Toolkit and Client Advice Process (May-June) PAA Adviser Business Statement Guideline (June/July) Get qualified Compliant advice & sales process Know thy business

7. PAA Guide to Education for Advisers PAA Education Guide has been well received Keep using it, consult your education provider & ascertain what you need & what is optional Note new exemptions in latest Code document Shoot for December, even though the deadline is June 2011

9. Code of Conduct: PAA View 21 standards; less is more & less prescriptive too We don’t agree with all the details, but the revised Code is more workable than prior versions for advisers Controversial standards are 3 - banning usage of ‘independence’ - & standard 7, the whistle-blower clause (which should only apply to major breaches) Overall it reflects the new professional era for advisers

10. Further Initiatives Home loan document, editable and accepted by major banks Highly competitive commercial motor vehicle scheme & contents scheme; Watch for renewals on 1 June PAA’s Professional Indemnity is also very competitive, and will be a valuable renewal

11. PAA Motor Vehicle Renewal Policy Motor renewal due 1 June 2010 for members Due to claims activity the premium is increasing, though targeted to geographic regions. Alternative Insurer quotes and market analysis show the PAA commercial motor cover remains very competitive. There is now a premium loading following an ‘at fault claim’.

12. Business Replacement Applications - Update PAA met ISI in March; BRA form was restrictive & potentially anti-competitive ISI now changed form – Customer needs to be informed before switching – Adviser needs to ensure customer is informed – Insurers want to reduce churn PAA position: there may be advantages or disadvantages for switching policies; but advice is critical & it must be in the interests of the client

13. ‘Without deadlines, I’m nothing man. ‘ Dizzy Gillespie, Jazz musician