International briefs – October 31, 2002
AMP training
AMP has been given Approved Training Organisation (ATO) status by the New Zealand Financial Planners and Insurance Advisers Association (FPIA).
The FPIA says an independent auditor concluded that AMP’s internal training programs were at a standard equivalent with the FPIA Adviserlink course required of all new members. The designation makes AMP the first organisation to achieve this status in New Zealand, and will allow advisers to replace the current FPIA training and mentoring requirements with a two-year stint as an AMP adviser.
CFP high
The US Certified Financial Planner Board of Standards has announced that the number of persons attaining the Certified Financial Planner mark in the US has reached an all-time high of over 40,000.
The CFP board has said the growth of the certification mark means the American public is increasingly in need of a way of identifying financial planners who have met competency and ethics standards.
The board also said that financial planners are responding to this demand by attaining CFP certification to achieve higher standards in the financial planning profession.
Chinese alliance
Guotai Junan Allianz Fund Management, a joint venture between Guotai Junan Securities and Allianz AG, has been granted China’s first Sino-foreign fund management licence.
The licence, issued on October 16, comes after eight years of co-operation between Guotai Junan and Dresdner Bank, which is now part of the Allianz Group.
The group, which will be based in Shanghai, will have a registered capital of US$12 million, with Guotai Junan holding 67 per cent of the group and Allianz holding 33 per cent.
The company will offer fund products and other services.
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ASIC has cancelled the AFSL of Sydney-based Arrumar Private after it failed to comply with the conditions of its licence.
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The top five licensees are demonstrating a “strong recovery” from losses in the first half of the year, and the gap is narrowing between their respective adviser numbers.
