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FMA warns on AML, won't name and shame

Twelve reporting entities, including advisers and advice firms, have been handed formal warnings for breaches of the Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) laws.

Wednesday, February 8th, 11:20AM

The FMA requested risk assessment and AML audits from 77 reporting entities (REs), just under 10% of the REs that the FMA supervises, by November 25 last year.

Selection of those required to submit information was partly based on factors including the previous late filing of an AML/CFT annual report and those REs who, for the last two years in a row, said they had not carried out an AML/CFT audit report...MORE»

Client-first may be too big an ask for biggest players

Thursday, January 26th, 6:00AM

Is "client first" too much of a challenge for vertically-integrated organisations, such as banks? David Whyte ponders whether it's time to provide a carve-out for sales, as opposed to advice.

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Call for more scrutiny of regulators

Monday, August 15th, 5:59AM

Financial services providers are becoming ever more familiar with the Financial Markets Authority in its industry oversight role – but who is keeping an eye on the regulators?

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IDS restructures to guide advisers through change

Thursday, July 21st, 6:00AM

Compliance firm IDS has restructured to help advisers prepare for more regulatory change on the horizon.

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IDS to offer complaint service

Wednesday, April 13th, 5:59AM

Compliance firm IDS is to tap the skills of its newly-appointed general manager to offer a new service to help advisers manage complaints.

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MBIE asked: What harm are RFAs doing?

Monday, March 7th, 6:00AM

The Ministry of Business, Innovation and Employment has been asked: What problem is the Financial Advisers Act trying to fix?

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Worry code changes slipping under radar

Friday, February 5th, 6:00AM

There is concern that changes to the Code of Professional Conduct for Authorised Financial Advisers, due to take effect this year, may have slipped under the radar for AFAs amid the bigger review of the Financial Advisers Act.

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Hundreds offer FAA review input

Monday, October 12th, 6:00AM

Hundreds of people have made their views on the Financial Advisers Act heard.

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Latest Comments
  • FARs - where's the accountability?
    “Murray. The problem won't go away but it will help the consumer recognize that the person they are are talking with can only...”
    4 hours ago by Ron Flood
  • FARs - where's the accountability?
    “Using "we" in the Royal sense, we need to articulate what the problem we have is. It's clear there is a lot of dislike in...”
    5 hours ago by Murray Weatherston
  • FARs - where's the accountability?
    “As AFA's we have a duty not to "mislead"... The proposed designations are definitely misleading. Financial advice representatives...”
    6 hours ago by PP
  • FARs - where's the accountability?
    “Maybe they are quite young, but curious that MBIE considers product provider's processes and controls superior to that of...”
    6 hours ago by NormanStacey
  • FARs - where's the accountability?
    “The FMA are probably full of good people trying to do the right thing. But as we saw with the infamous “polo shirt”...”
    7 hours ago by Brent Sheather
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