'Client first' right standard for the industry: Everett

Murray Weatherston

The FMA is today releasing a good conduct guide for financial services participants.

While authorised financial advisers have had conduct requirements for many years, many participants are only now encountering conduct obligations for the first time through the introduction of the Financial Markets Conduct Act.

The revised Financial Advisers Act is also set to introduce a requirement to put a client’s interests first, across the entire financial adviser population.

Murray Weatherston, of SiFA, said it was an “apple pie and motherhood” statement that had not yet been backed up by an explanation of what it would mean in practice.