Industry participants were scathing in their response to the first draft of the new information return advisers will now have to complete annually. But the changes the FMA has made in its second attempt have been cautiously welcomed.
The regulator has issued a second consultation paper on the proposed reporting requirements for authorised financial advisers, including an updated version of the information return.
The return is a detailed questionnaire running to more than 20 pages that asks for information about the adviser and their business.
One of the least popular aspects of the original draft were questions such as “what was your gross income from financial adviser services for your last completed tax year” and for details of how the adviser’s income level had changed, year on year...MORE»
Thursday, March 6th, 6:00AM
There is concern regulation of discretionary investment management services under the new Financial Markets Conduct Act is overkill.MORE»
Monday, October 28th, 5:02PM
A “reasonableness” standard should be included in the conflict of interest standard in the new Code of Professional Conduct for Financial Advisers, a Chapman Tripp senior associate says.MORE»
Moves to require structured continued professional development credits to have credentials beyond merely being provided by a professional body will give genuine organisations a boost, the Institute of Financial Advisers says.MORE»
[UPDATED, ADDS DAVID IRELAND COMMENT] Under the new proposed code for financial advisers, rules around CPD credits and who can offer them are being tightened and the proposed KiwiSaver delegation has been dropped.MORE»
A controversial proposed KiwiSaver pathway has been all but done away with under the revised Code of Professional conduct, released today.MORE»
Authorised financial advisers will have to provide the Financial Markets Authority with an annual in-depth report on their businesses and the advice they are giving under regulatory reporting requirements it is proposing.MORE»