Articles tagged with 'Disclosure'
Non-disclosure case highlights need for better records
29 October 2021 - A life and health insurance adviser has agreed to pay $1000 in compensation to a client who complained to Financial Services Complaints Ltd that she had not been adequately advised about the risks of non-disclosure.
If in doubt - disclose
19 April 2021 - How's that strange new world looking, different or much the same?
Advisers should lead from the front on climate disclosure
15 April 2021 - As the Financial Sector (Climate-related Disclosures and Other Matters) Amendment bill is introduced to Parliament, one expert believes advisers have a key part to play in bringing it into the public consciousness.
Focus on commission disclosure
22 March 2021 - Advisers will need to do a better job of explaining their no-fee, no-obligation model under the new regulatory regime, according to adviser Hamish Patel.
Disclosure warning as new regulations come into effect
18 March 2021 - Insurance advisers are being warned to clearly disclose all fees and charges after one broker was caught adding $34,000 of additional charges to a client’s policies over a period of three years.
Be clear on clawbacks
18 January 2021 - Mortgage advisers must clearly disclose clawback agreements with clients, industry leaders say, as disputes on the topic continue to emerge.
Perception of conflict of interest serious as the real thing
16 November 2020 - Advisers need to be aware not just of conflicts of interest, but also perceived conflicts.
New disclosure regulations 'a big leap for some businesses'
2 November 2020 - Mark Banicevich and David Greenslade speaking at an FSC webinar said that some businesses will need to make big changes to meet new disclosure requirements come March 15.
FMA: No excuses for shoddy conduct
25 September 2020 - After 18 months supervision of the financial sector, the FMA is calling for improvements to governance and compliance.
Financial services sector questioned regulation draft
28 August 2020 - New Zealand’s financial services sector raised concerns about disclosure regulations resulting in a larger volume of repetitive disclosure that could be difficult for clients to digest, submissions show.
Commission disclosure: What's material?
6 July 2020 - Advisers' requirements to disclose what they're paid under the new financial advice regime will centre on what clients might consider a material influence.
Final disclosure regulations welcomed
25 June 2020 - Tweaks to the disclosure regulations for financial advisers will make the rules more workable, industry participants say.
Faafoi reassures advisers about the future
11 February 2020 - Commerce Minister Kris Faafoi has promised the financial services sector there will be no more big announcements this year.
Govt reveals plans to change insurance rules
4 December 2019 - The onus of disclosure will shift to insurers under new rules revealed for the insurance sector.
More work needed on disclosure rules, SiFA says
14 November 2019 - More information is required on what conflict of interest disclosures will be required of advisers in vertically integrated organisations, adviser group SiFA says.
When is a client really a client?
13 November 2019 - More clarity is needed on when someone counts as a client under the new financial advice regime, Financial Advice New Zealand says.
Govt seeks feedback on disclosure rules
11 October 2019 - Clients will have to be clearly told what fees they are likely to pay, and what commissions an adviser will receive, under draft disclosure regulations revealed by the Government this week.
FADC hands down its punishment in non-disclosure case
16 May 2019 - A financial adviser who breached the Code of Conduct by skimping on client medical histories in insurance applications has learnt the fate.
Faafoi: Tell your clients how you're paid
18 March 2019 - Advisers need to give their clients information about commissions or other advice incentives that have the potential to influence the service they receive, the Commerce Minister says.
Commissions, scope of advice, convictions among disclosure requirements
12 March 2019 - A cabinet paper released today outlines what the Government wants included in disclosure requirements for financial advisers.
Disclosure regulations next year
20 November 2018 - The Ministry of Business, Innovation and Employment says more details about disclosure requirements for financial advisers will be available in early 2019.
How automated is your business?
16 July 2018 - With the onset of regulation and the discussion around disclosure, where MBIE is looking to not have a full disclosure document.
Effective disclosure requires better financial literacy
12 July 2018 - A principles-based disclosure regime could end up costing consumers, an academic has warned.
Commission disclosure no big deal for good advisers
2 July 2018 - Insurers expect little to change if advisers are required to disclose to their clients what commissions they are paid.
Broader disclosure needed for VIOs: SiFA
15 June 2018 - Advisers working for vertically integrated product providers should be required to disclose all the money the organisation could make from each product recommendation, right up the value chain, it has been argued.
Disclose cost of advice, not commission: Financial Advice NZ
31 May 2018 - Advisers should be required to declare the cost the adviser distribution channel adds to what clients pay for financial products, not the commission the advisers themselves receive, Financial Advice NZ says.
Disclosure consultation and commission
16 May 2018 - Incentive trips are not, it turns out, the sole preserve of insurance advisers.
Investors: PDS still too complicated
11 April 2018 - Investors have told the Financial Markets Authority (FMA) there is still room to improve product disclosure statements (PDS).
Make commission details publicly available: MBIE
10 April 2018 - Government officials are suggesting all advisers make publicly available information about the fees they charge and the commissions they receive, so consumers can choose who they want to deal with.
Insurers: Disclosure rules should help clients
22 March 2018 - Insurers are supportive of stricter disclosure requirements for financial advisers.
Disclosure rules will fit the situation: MBIE
23 February 2018 - New disclosure rules for financial advisers will need to be flexible enough to work in a range of situations, the Ministry of Business, Innovation and Employment says.
More consultation on Minister's to-do list
19 December 2017 - The Ministry of Business, Innovation and Employment wants to see consultation papers on the regulation of financial advice issued within the first 100 days of this government's term.
KiwiFund could have unfair advantage
18 December 2017 - A Government-run KiwiSaver scheme would have an unfair disadvantage that could push other providers out of business.
It's real; Financial adviser reforms are go
7 December 2017 - The Government has pushed the go button for significant reforms to how financial advice is delivered in New Zealand. This evening the Financial Services Legislation Amendment Bill has had its first reading in Parliament and now goes to Select Committee.
DIMS advisers face uncertainty... again
29 November 2017 - He's only been approved to offer personalised DIMS for just over two years, now adviser Alistair Bean faces more uncertainty.
New minister gets into client first debate
27 November 2017 - New Commerce Minister Kris Faafoi says he’s less worried about whether New Zealand has enough financial advisers to cater for the population – and more whether the financial advisers it has are putting their clients first.
Stop filling out forms for clients: IFSO
22 November 2017 - A client whose policy was avoided because he did not disclose health issues is a reminder to advisers that completing insurance applications on behalf of clients can be risky, the Insurance and Financial Services Ombudsman says.
Roboadvice green light 'better late than never'
17 November 2017 - Work is progressing on the exemption that will allow personalised roboadvice, or digital advice, in New Zealand. But one law firm says it's a case of "better late than never".
Target on advisers outside associations
7 November 2017 - Advisers who are not members of a professional association risk becoming disengaged or missing out on important information about the upcoming advice regulation overhaul, the Financial Services Council says.
Kickbacks to agents shouldn't happen, but do
11 October 2017 - Relationships between mortgage advisers and real estate agents are being questioned by Consumer NZ, which is concerned about financial kickbacks.
Whistle-blowers more exposed under new rules
26 September 2017 - Whistle-blowers are set to lose some of their identity protection when the new financial adviser legislation comes into force.
Getting to Know: Andrew Kelleher
22 September 2017 - Andrew Kelleher - financial adviser, wealth manager... hole-digger?
Clients complain about advisers
21 September 2017 - Financial advisers who did not explain their terms of business, in particular their fees, who did not action client requests to change or cancel policies, and issues of disclosure were some of the most common causes of complaints about advisers over the past year, IFSO says.
Documents shorter but still dense
22 August 2017 - New product disclosure statements that were meant to be easier to understand still contain a large number of specialist financial terms, researchers say.
Getting to Know: Binu Paul
11 August 2017 - Binu Paul is known in the industry for his fresh approach to the application of technology in financial services. But did you know about his plans to dabble in fashion?
Adviser complaints up 70pc
26 July 2017 - A jump in the number of complaints about financial advisers has prompted Financial Services Complaints Ltd to warn advisers to take care with their record-keeping and communication with clients.
Review a resounding win for the 'big end of town'
19 July 2017 - Murray Weatherston, a founding member of SIFA, talks to us about the Financial Adviser Review Act, where it’s going and some of his thoughts on it.
Request useful investor information, advisers told
18 July 2017 - Investors and financial advisers are being told they should not be afraid to put pressure on companies to get them to report information in a way that is useful to them.
Adviser gets community work, fine
13 July 2017 - A former registered financial adviser who forged clients’ initials and falsely amended insurance applications has been sentenced to 150 hours of community work, six months' community detention and ordered to pay reparations of $16,461.24.
Get real on disclosure
6 July 2017 - David Whyte argues other countries have already tackled the question of what to disclose on insurance application forms - and it's time we caught up.
Advisers told: Your voice will be heard
4 July 2017 - First-hand adviser input will be critical for the working group tasked with developing the new code of conduct for financial advisers, the group’s chair, Angus Dale-Jones, says.
Insurers could do better: FSC
3 July 2017 - Insurers have work to do to better comply with their disclosure requirements, the Financial Services Council says.
Significant disclosure 'still lacking'
27 September 2016 - Investors and advisers are still being kept in the dark about significant components of fund managers’ fees, it has been claimed.
Fisher Funds defends 'super-salary'
21 July 2016 - The offer of a so-called “super-salary” to a former Diversified Investment Strategies’ director was not intended to justify a lower sale price for the business, the purchaser has told the High Court.
Diversified battle continues
15 July 2016 - The sale of Diversified Investment Strategies Ltd (DISL) occurred for lower than the market rate and with greater risk for the vendors, according to an industry expert.
Diversified dispute hits court
12 July 2016 - Fractitious break down of Diversified Investment Strategies ends up in High Court, amid allegations of non-disclosure and breach of duty.
Ensure full disclosure - ComCom
5 May 2016 - Failure to disclose all the required information to mortgage borrowers could cost lenders, the Commerce Commission has warned.
Better disclosure needed - but how?
27 April 2016 - [UPDATED] Financial service providers agree standardised disclosure documents would help the advice industry– but what they should say and what they might look like is still a matter for debate. (Now with link to Share Submission)
Advisers to become personally liable for advice
3 August 2009 - Financial advisers will be unable to operate through limited liability companies under the new regulatory regime and will become personally liable for any financial advice they give.
Glut of documents could hinder due diligence, IFA says
3 July 2009 - The glut of documents requiring submissions on the regulation of financial advisers could impact on the level of diligence, according to the Institute of Financial Advisers.
MED puts out paper on financial adviser disclosure
2 July 2009 - The Securities Commission has called for submissions on disclosure regulations for financial advisers in the latest round of papers on the legislation.
