by Rob Hosking
The new proposals require financial advisers to disclose:
The Ministry of Economic Development is aware that some of the information that the Taskforce suggested should be disclosed is information that investment advisers and brokers would have to rely on third parties to produce (e.g. information about product structure and the way that fees are charged).
The ministry wants to know whether matters outlined above are sufficiently covered under existing requirements in the bill or whether further prescription is required by way of regulation.
The ministry proposes that the information should be required to be given to clients in a form which can be read in 10-15 minutes, and/or within a certain number of pages, under set headings or questions, and in a certain format or text size.
Submissions close on April 21.
Rob Hosking is a Wellington-based freelance writer specialising in political, economic and IT related issues.
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