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Regulatory role not on the cards for Financial Advice New Zealand

Financial Advice New Zealand does not need to have an official regulatory role under the new financial advice regime, its chief executive says.

Tuesday, November 20th 2018, 6:00AM 1 Comment

It had been suggested when the association was being set up that it could have a position alongside the Financial Markets Authority, overseeing the market.

“We’ve said is there a chance for us to be co- or self-regulating,” former IFA president Michael Dowling said. “We have to walk the talk first.”

Then-IFA chief executive Fred Dodds said it was something he had brought up in early conversations with the FMA. "I asked that question of Rob Everett - if we get this right, would there be any chance of us being self-regulating?"

But chief executive Katrina Shanks said it was not something she was pursuing, although she said the association should have a high-trust relationship with the regulator.

“Financial Advice New Zealand members can be viewed by the regulator as low-risk therefore receive less focus in terms of compliance audits.

“Financial Advice New Zealand currently monitors members professional development and holds professional development logs for members, communicates weekly with regulatory and environment changes in the sector and offers a variety of opportunities through regional and national meetings to share ideas, best practice and be kept up-to-date with changes.

“All of these elements allows the regulator to have confidence that our members are focussed on improving their business, technical and personal skills which will ensure the best outcomes for clients.”

Financial Advice NZ will administer a Quality Service Mark for its members, which will include standards they must adhere to.

Tags: Financial Advice New Zealand FMA regulation

« Tax Working Group divided on approach to CGTApprenticeship model possible under new regime »

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On 20 November 2018 at 7:56 am Murray Weatherston said:
It may not NEED but does it WANT?

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