by Paul McBeth
Grab a copy of the discussion document here
The Ministry of Economic Development's discussion paper on disclosure recommends information be given to clients before any advice is offered, although it concedes it can be "difficult to comply with this obligation while still providing an effective service" and allows for disclosure to occur after the fact if it isn't practicable beforehand.
The Ministry's paper proposes a regimented disclosure process whereby advisers have a number of headings to let them tick off all the information they need to pass on to their clients.
Minister of Commerce Simon Power said the public has until August 12 to make submissions on the proposals, and he hopes the new disclosure regulations will be in place early next year.
The Securities Commission put out a staff paper outlining the wider regulation and supervision of advisers last month, with a particular focus on the principles underpinning the supervision of advisers.
Legislation for the wider financial adviser sector is scheduled to be completed by December 2010.
Grab a copy of the discussion document here
Paul is a staff writer for Good Returns based in Wellington.
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