A timeline for the review of the Financial Advisers Act has been revealed, and there are concerns that it will be too long and drawn-out a process.
The process of implementing 2008 Financial Advisers Act was complicated.
It required several Supplementary Order Papers and an unusual 11th hour “Pre-Implementation Adjustments Bill” before it came into force in 2011. Partly as an acknowledgement of the risks involved in such a process, a clause was inserted promising a review of the Act by the Ministry of Business, Innovation and Employment within five years of its commencement...MORE»
Friday, January 30th, 6:00AM
The FMA has clarified the additional standard conditions that it proposes will be imposed on AFAs who offer personalised DIMS.MORE»
Thursday, October 2nd, 6:00AM
Ninety per cent of the inaugural AFA information returns were submitted on time.MORE»
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»