Advisers must dob in any of their peers who aren’t meeting industry standards, Financial Markets Authority chief executive Sean Hughes says.
He addressed the first day of the Professional Advisers Association conference in Auckland yesterday and told them that the FMA welcomed direction from the industry on where it should focus its monitoring and surveillance efforts.
There were reports of instances where market participants had seen but not acted on other participants’ behaviour, he said. “We can do our job better when you work with us…Tips and complaints are an important source of information for the FMA and we encourage market participants to advise FMS of any poor conduct or behaviour...MORE»
Tuesday, May 14th, 6:00AM
The Financial Markets Authority wants the entrance criteria for would-be financial advisers to become a lot stricter.MORE»
Friday, May 10th, 6:00AM
The Financial Markets Authority needs more resources to proactively engage with the industry, rather than reacting to problems and complaints when they are raised, says former FMA senior adviser Gavin Austin.MORE»
Some financial advisers have been left wondering about the value of their qualifications after a provider decided to pull out of the New Zealand Qualifications Authority accreditation process.MORE»
People with recent overseas criminal convictions will not be able to register as financial services providers, under changes announced today.MORE»
The Commerce Commission is advising the finance sector to take note of the lessons to be learned from its investigation into the marketing and sale of the failed investment product Credit SaILS. The following are its tips.MORE»
The Financial Markets Authority’s latest compliance focus report shows it will become less lenient with non-compliant advisers, says Peter Leitch, chairman of the Professional Advisers Association.MORE»
Creating separate categories and qualification requirements for Authorised Financial Advisers depending on their specialisation would be a backward step, industry representatives say.MORE»