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FARs - where's the accountability?

It is appropriate for financial advice providers to be accountable for their financial advice representatives, because they are simply acting as a conduit between the provider and the client, the Ministry of Business, Innovation and Employment says.

Wednesday, March 29th, 6:00AM

Submissions close this week on the draft of the Financial Services Legislation Amendment Bill.

MBIE issued a document with questions and answers about the bill, which sets out new designations: Financial advisers, financial advice providers and financial advice representatives.

Representatives will work for providers in much the same way as QFEs currently operate.

One of the questions in the MBIE document was: Why are financial advice representatives not personally liable?

MBIE said it was because those representatives would be bound by processes, controls and limitations set by the provider, which would control the outcomes for customers...MORE»

FMA warns on AML, won't name and shame

Wednesday, February 8th, 11:20AM

Twelve reporting entities, including advisers and advice firms, have been handed formal warnings for breaches of the Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) laws.

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Client-first may be too big an ask for biggest players

Thursday, January 26th, 6:00AM

Is "client first" too much of a challenge for vertically-integrated organisations, such as banks? David Whyte ponders whether it's time to provide a carve-out for sales, as opposed to advice.

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Call for more scrutiny of regulators

Monday, August 15th, 5:59AM

Financial services providers are becoming ever more familiar with the Financial Markets Authority in its industry oversight role – but who is keeping an eye on the regulators?

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IDS restructures to guide advisers through change

Thursday, July 21st, 6:00AM

Compliance firm IDS has restructured to help advisers prepare for more regulatory change on the horizon.

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IDS to offer complaint service

Wednesday, April 13th, 5:59AM

Compliance firm IDS is to tap the skills of its newly-appointed general manager to offer a new service to help advisers manage complaints.

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MBIE asked: What harm are RFAs doing?

Monday, March 7th, 6:00AM

The Ministry of Business, Innovation and Employment has been asked: What problem is the Financial Advisers Act trying to fix?

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Worry code changes slipping under radar

Friday, February 5th, 6:00AM

There is concern that changes to the Code of Professional Conduct for Authorised Financial Advisers, due to take effect this year, may have slipped under the radar for AFAs amid the bigger review of the Financial Advisers Act.

MORE»

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Latest Comments
  • Should lawyers give financial advice?
    “It would be appropriate for Lawyers and accountants active in this space to follow similar CPD to Financial Advisers. Logging...”
    2 days ago by Licensed Adviser
  • Should lawyers give financial advice?
    “Good article, John - and agree with Brett. There is nothing in an LLB or CA qualification that prepares a lawyer or an account...”
    2 days ago by dcwhyte
  • Insurers support robo options
    “I agree it should be permitted. It would certainly help NZ's underinsurance situation. Both Naomi and Fidelity have correctly...”
    3 days ago by Referee
  • Kickbacks to agents shouldn't happen, but do
    “Gee Consumer, is that a problem affecting thousands or is this a rumour you have heard. Here is another rumour. King Country...”
    3 days ago by Bikedude
  • Should lawyers give financial advice?
    “A further thought. In the section “What do lawyers think” I can see it is ok for a lawyer to tell someone to put their...”
    3 days ago by Brent Sheather
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