So long as financial planners in NZ continue to receive commissions, they will keep recommending investments that may not be in their client’s interests, but which instead enrich the financial planner.

For example, finance company Bridgecorp paid twice the commission of other companies and consequently many, many financial planners recommended it to their clients. Now that Bridgecorp is in receivership it owes thousands of investors all over NZ the sum of $450 million. Liz, how much did you make from recommending Bridgecorp to your clients, before it went bust?

Rather than denigrating Consumer NZ, which for 50 years has been providing impartial and unbiased advice to the public, you should instead use your influence to get your own industry in order, before the Government steps in and does it for you. Already the Government has had to force advisers to tell their clients what their qualifications and experience are; and criminal records checks are just around the corner under the new Act.

Just this week an Australian report has recommended to its Government that it put an end to financial advisors receiving commissions, and the FSA in England wants it outlawed in three years.

Wake up and smell the breeze of discontent Liz, instead of trying to defend the indefensible.