Advisers told to dob in peers
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»
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MORE»Leitch: FMA looks set to crack down
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»Separate adviser authorisation opposed
Creating separate categories and qualification requirements for Authorised Financial Advisers depending on their specialisation would be a backward step, industry representatives say.
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