tmmonline.nz  |   landlords.co.nz        About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds

NZ's Financial Adviser News Centre

GR Logo
Last Article Uploaded: Friday, September 25th, 6:44PM

News

rss
Latest Headlines

QFEs get report card from FMA

The Financial Markets Authority has completed a review of qualifying financial entities given feedback on areas they need to improve on.

Friday, September 9th 2011, 7:11AM

It says all the entities granted QFE status demonstrated capacity. However, in a number of cases application information was provided during 2010, before QFEs had fully implemented their compliance arrangements.

It says that information in QFE adviser business statements was sometimes unclear, lacked concrete examples or included detail that didn't relate to financial adviser services.

It says there are two key questions a QFE needs to answer: "What do you do?" and "How do you know it works?"

In its review the FMA looked at compliance assurance, supervision, suitability of advice and competence.

Supervision is the test to see whether advisers are doing what they should be and the FMA said it was an area of confusion, particularly about who is a supervisor.

The FMA said that it needed to follow up with QFEs to better understand how their supervisory processes worked.

While the summary report is written for QFEs the FMA says that it will be of interest to other financial adviser businesses in considering their compliance arrangements.

« Blog: Where are the regulators when you need them?MED throws out FMA funding fee proposal »

Special Offers

Commenting is closed

 

print

Printable version  

print

Email to a friend
News Bites
Latest Comments
Subscribe Now

Mortgage Rates Newsletter

Daily Weekly

Previous News

MORE NEWS»

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