The FMA has clarified the additional standard conditions that it proposes will be imposed on AFAs who offer personalised DIMS.
It consulted on the minimum standards for personalised DIMS in November. That paper included additional standard conditions for AFAs relating to outsourcing and financial resources.
The FMA yesterday clarified and re-issued the standard conditions and has asked for more feedback. Submissions close February 27.
The outsourcing standard requires that any AFA who outsources processes or systems a part of their DIMS must be satisfied the provider is capable of performing the service to the standard required to meet the AFA’s authorisation obligations...MORE»
Thursday, October 2nd, 6:00AM
Ninety per cent of the inaugural AFA information returns were submitted on time.MORE»
Tuesday, July 8th, 6:00AM
AFAs will have to answer 40 questions about their businesses each year in Information Returns submitted to the Financial Markets Authority.MORE»
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.MORE»
There is concern regulation of discretionary investment management services under the new Financial Markets Conduct Act is overkill.MORE»
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»