FMA takes hard line on KiwiSaver advice
The FMA yesterday unveiled its first draft guidance note on an issue that has been causing plenty of discussion in the industry: when does information-only KiwiSaver selling become class advice, and when does that advice become personalised?
And according to Chapman Tripp partner Mike Woodbury, there are some parts of the note that will likely be put under the microscope by industry players.
"I think there are going to be certain concepts in the guidance note that are likely to be scrutinised closely by the industry and might invite debate as to whether there is legislative support for them," he said.
One of these, he said, was the FMA's view that a recommendation or opinion could be given "by implication".
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