MED puts out paper on financial adviser disclosure
Grab a copy of the discussion document here
The Ministry of Economic Development's discussion paper on disclosure recommends information be given to clients before any advice is offered, although it concedes it can be "difficult to comply with this obligation while still providing an effective service" and allows for disclosure to occur after the fact if it isn't practicable beforehand.
The Ministry's paper proposes a regimented disclosure process whereby advisers have a number of headings to let them tick off all the information they need to pass on to their clients.
Minister of Commerce Simon Power said the public has until August 12 to make submissions on the proposals, and he hopes the new disclosure regulations will be in place early next year.
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