About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds Other Sites:   tmmonline.nz  |   landlords.co.nz
Last Article Uploaded: Wednesday, July 17th, 6:31PM
rss
Latest Headlines

Commission recommends compliance by the book

Financial advisers looking to beef up their compliance processes in preparation for regulation should check out the guidelines recently published by Standards New Zealand, the Securities Commission said in its latest bulletin.

Tuesday, May 12th 2009, 6:48AM

by David Chaplin

Angus Dale-Jones, Securities Commission director of supervision, said the 'Compliance programmes standard' released by Standards New Zealand late in April would provide  "useful guidance for anyone subject to regulation".

"It is particularly timely for financial advisers seeking authorisation as over the next 12 months they will have to put in place systems to deal with the requirements of the Code Committee, as well as with their terms and conditions of authorisation under the Financial Advisers Act," Dale-Jones said in the bulletin.

The compliance programme standard was based on the Australian version with only a slight variation to make it adaptable to New Zealand conditions.

In a statement, Martin Tolar, ceo of the Australasian Compliance Institute, which sponsored the adoption of that standard in New Zealand, said the compliance programme standard was a voluntary guideline designed to help organisations "customise and develop their own compliance systems".

"The standard provides both public and private sector organisations in New Zealand with standardised guidance on the principles for developing, implementing, and maintaining effective compliance programmes - and harmonisation with the compliance methods used by Australian organisations," Tolar said.

It is understood the Securities Commission was also planning to produce a list of authorised financial advisory training instituions and third-party compliance firms, similar to that maintained by the Australian Securities and Investments Commission (ASIC) across the Tasman.

In a report tabled in Parliament last month, the Commerce Committee also backed calls for the Securities Commission to receive "significantly increased funding" in the upcoming budget "to ensure that it has adequate resources to carry out the expanded functions required of it under legislation, including its larger responsibility for overseeing financial advisers.

"We consider it particularly important that the commission should have the resources it needs to carry out its investigative and enforcement work," the Commerce Committee report says.

To order or download NZS/AS 3806:2006 with Amendment 1 incorporated visit www.standards.co.nz and enter keyword 3806, or call 0800 782 632 during business hours.  If you already have a copy of AS 3806, you can download the New Zealand-only Amendment 1 for free.  (Note that a charge applies for hard copies of amendments.)

 

 

 

 

Tags: Dale-Jones FMA Professional Development regulation

« News round-upSovereign takes regulation bull by the horns »

Special Offers

Commenting is closed

 

print

Printable version  

print

Email to a friend
News Bites
Latest Comments
  • Call to ensure efficient advice licensing
    “Further reading - Kinsington Swan in February 2018 https://www.kensingtonswan.com/news-updates-and-events/financial-advice-reforms-insights-series-14-penalties-enforcement-complaints-and-disciplinary-matters/...”
    5 hours ago by all hat, no cattle
  • Call to ensure efficient advice licensing
    “MPT and Murray this might help https://www.fma.govt.nz/assets/Fact-sheets/Who-will-need-a-licence-to-provide-financial-advice...”
    5 hours ago by all hat, no cattle
  • Call to ensure efficient advice licensing
    “Thanks Murray, it seems we are on the same page. Be great if the regulators could confirm or not. AHNC, I agree I dont...”
    7 hours ago by MPT Heretic
  • Call to ensure efficient advice licensing
    “And if all that hasn't done your head in, consider these consequences: 1. How will the poor old consumer (in whose name...”
    8 hours ago by Murray Weatherston
  • Pathfinder-backed KiwiSaver to target gender diversity
    “i thought obvious they want to differentiate themselves on some pretty spurious and obscure aspect of ESG.NZ is so small...”
    8 hours ago by Graeme33
Subscribe Now

Weekly Wrap

Previous News

MORE NEWS»

Most Commented On
Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
ANZ 5.69 4.35 4.35 4.55
ANZ Special - 3.85 3.85 4.05
ASB Bank 5.70 4.29 4.35 4.55
ASB Bank Special - 3.89 3.85 4.05
BNZ - Classic - 3.85 3.85 4.05
BNZ - Mortgage One 6.40 - - -
BNZ - Rapid Repay 5.85 - - -
BNZ - Std, FlyBuys 5.80 4.69 4.59 4.79
BNZ - TotalMoney 5.80 - - -
Credit Union Auckland 5.95 - - -
Credit Union Baywide 6.15 4.95 4.95 -
Lender Flt 1yr 2yr 3yr
Credit Union North 6.45 - - -
Credit Union South 6.45 - - -
Finance Direct - - - -
First Credit Union 5.85 - - -
Heartland 6.70 7.00 7.25 7.85
Heartland Bank - Online - - - -
Heretaunga Building Society 5.75 4.60 4.75 -
Housing NZ Corp 5.80 4.69 4.49 4.45
HSBC Premier 5.89 3.79 3.79 3.89
HSBC Premier LVR > 80% - - - -
HSBC Special - - - -
Lender Flt 1yr 2yr 3yr
ICBC 5.65 3.85 3.95 3.89
Kiwibank 5.80 4.60 ▼4.60 ▼4.74
Kiwibank - Capped - - - -
Kiwibank - Offset 5.65 - - -
Kiwibank Special - 3.85 ▼3.85 ▼3.99
Liberty 5.69 - - -
Napier Building Society - - - -
Nelson Building Society 6.10 4.89 4.99 -
Resimac 5.30 4.86 4.14 4.19
RESIMAC Special - - - -
SBS Bank 5.79 4.85 5.05 5.49
Lender Flt 1yr 2yr 3yr
SBS Bank Special - 3.85 3.85 3.99
Sovereign 5.80 4.29 4.35 4.55
Sovereign Special - 3.89 3.85 4.05
The Co-operative Bank - Owner Occ 5.65 3.89 3.89 4.05
The Co-operative Bank - Standard 5.65 4.39 4.39 4.55
TSB Bank 5.69 4.45 4.35 4.55
TSB Special - 3.95 3.85 4.05
Wairarapa Building Society 5.70 4.85 4.99 -
Westpac 5.79 4.69 4.79 5.19
Westpac - Offset 5.79 - - -
Westpac Special - 3.85 3.85 4.05
Median 5.80 4.35 4.35 4.19

Last updated: 15 July 2019 9:47am

News Quiz

The maximum remuneration model for Australian life insurance advisers is to be set at what?

Upfront 40% + trail 20%

Upfront 50% + trail 10%

Upfront 50% + trail 20%

Upfront 60% + trail 10%

Upfront 60% + trail 20%

MORE QUIZZES »

About Us  |  Advertise  |  Contact Us  |  Terms & Conditions  |  Privacy Policy  |  RSS Feeds  |  Letters  |  Archive  |  Toolbox
 
Site by Web Developer and eyelovedesign.com