[Weekly wrap] Advice for advisers
One of the major stories of the week in adviser land was the Financial Markets Authority's release of draft guidance on KiwiSaver distribution, which a legal expert says could spark hot debate within the industry.
The FMA has taken a relatively strong initial stance, including its view that recommendations can be made by "implication", but it has shown previously that it is willing to listen to the views of industry participants, so it will be interesting to see what submissions are made on what is a contentious issue in the industry.
Speaking of contentious issues, the Institute of Financial Advisers has called for section 71 of the Financial Markets Conduct Bill to be scrapped. The section, first highlighted by Good Returns several weeks ago, restricts the ability of advisers to make "unsolicited offers" of financial products.
The IFA's call for it to be canned reflects considerable angst among advisers, who are scratching their heads over why another layer of regulation is needed when they already have the Financial Advisers Act. It does seem like bureaucratic overkill, and here's hoping the government sees sense on this one.
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![[Weekly Wrap] KiwiSaver in play; but outcome unclear](https://goodreturns.publit.io/file/c_fill,w_300,h_200/0ad582e4-c9a3-4692-bbe2-62d928f77fd2.jpg)
