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Should lawyers give financial advice?

Since the Financial Advisers Act (FAA) came into force there has been some angst over exemptions for other professions – such as lawyers and accountants.  Are financial advisers right to be concerned that lawyers and accountants can hand out financial advice? Are there any restrictions on them?

Thursday, October 19th, 6:37AM  3 comments

Financial advice requires specialised skills.  This means to give other professions an open-ended exemption from the FAA could jeopardise the quality of financial advice and undermine consumer confidence when seeking advice.  This commentary considers the exemption for lawyers and accountants and what restrictions apply (or should apply).

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Latest Comments
  • Should lawyers give financial advice?
    “A further thought. In the section “What do lawyers think” I can see it is ok for a lawyer to tell someone to put their...”
    9 hours ago by Brent Sheather
  • Should lawyers give financial advice?
    “Good article. I have seen lots of instances where lawyers and accountants give financial advice and whilst most of it is...”
    9 hours ago by Brent Sheather
  • Should lawyers give financial advice?
    “your answer to "should financial advisers give legal or tax advice" should give you some idea if lawyers should give financial...”
    10 hours ago by w k
  • Leverage up your KiwiSaver fund
    “I liked the idea and I was in Booster's geared growth KiwiSaver. But its fees are 3x more than comparable funds, yet the...”
    3 days ago by RanDerson
  • KiwiSaver fees: Paying for performance
    “ANZ just don’t give up do they….actually not surprising as there is little downside to fake news in the NZ finance scene....”
    6 days ago by Brent Sheather
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