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Articles tagged with 'Disclosure'

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.

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Latest Comments
  • Details confirmed for transitional licensing
    “And the other requirement is to have an internal complaint process as set out in the licence conditions. It’s good to see...”
    16 hours ago by Mr Slater
  • When is a client really a client?
    “And this subtle upgrade to the understanding of a complaint. Which changes the ISO definition from an expression of dissatisfaction...”
    3 days ago by JPHale
  • When is a client really a client?
    “Just released additional standards from the FMA. Record keeping potentially until 7 years after the death of the life...”
    3 days ago by JPHale
  • When is a client really a client?
    “@ReganT interesting that the two life advisers involved with the code working group discussion are the ones being argued...”
    4 days ago by JPHale
  • When is a client really a client?
    “In a previous reply I responded to the concept of payment as a trigger. I actually agree it’s not. While we don’t often...”
    4 days ago by regant
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Lender Flt 1yr 2yr 3yr
ANZ 5.19 4.05 3.95 4.49
ANZ Special - 3.55 3.45 3.99
ASB Bank 5.20 ▼3.89 ▲4.05 4.39
ASB Bank Special - ▼3.39 ▲3.55 3.89
BNZ - Classic - 3.55 3.45 3.99
BNZ - Mortgage One 5.90 - - -
BNZ - Rapid Repay 5.35 - - -
BNZ - Std, FlyBuys 5.30 4.45 4.35 4.55
BNZ - TotalMoney 5.30 - - -
China Construction Bank 5.50 4.70 4.80 4.95
China Construction Bank Special - 3.19 3.19 3.19
Lender Flt 1yr 2yr 3yr
Credit Union Auckland 5.95 - - -
Credit Union Baywide 6.15 4.95 4.95 -
Credit Union North 6.45 - - -
Credit Union South 6.45 - - -
Finance Direct - - - -
First Credit Union 5.85 3.99 4.49 -
Heartland 6.70 7.00 7.25 7.85
Heartland Bank - Online - - - -
Heretaunga Building Society 5.75 4.80 4.95 -
HSBC Premier 5.24 3.35 3.35 3.35
HSBC Premier LVR > 80% - - - -
Lender Flt 1yr 2yr 3yr
HSBC Special - - - -
ICBC 5.15 3.18 3.18 3.20
Kainga Ora 5.18 4.04 3.95 4.39
Kiwibank 5.80 ▼4.14 ▲4.30 4.64
Kiwibank - Capped - - - -
Kiwibank - Offset 5.15 - - -
Kiwibank Special - ▼3.39 ▲3.55 3.89
Liberty 5.69 - - -
Napier Building Society - - - -
Nelson Building Society 5.70 4.25 4.15 -
Pepper Money Near Prime 5.64 - 5.44 5.44
Lender Flt 1yr 2yr 3yr
Pepper Money Prime 5.18 - 4.98 4.98
Pepper Money Specialist 7.59 - 7.39 7.39
Resimac 4.50 4.86 3.89 3.94
RESIMAC Special - - - -
SBS Bank 5.29 4.85 5.05 5.49
SBS Bank Special - 3.55 3.39 3.89
Sovereign 5.30 4.15 4.29 4.55
Sovereign Special - 3.65 3.75 4.05
The Co-operative Bank - Owner Occ 5.15 3.49 3.59 3.89
The Co-operative Bank - Standard 5.15 3.99 4.09 4.39
TSB Bank 6.09 4.35 4.25 4.69
Lender Flt 1yr 2yr 3yr
TSB Special 5.29 3.55 3.45 3.89
Wairarapa Building Society 5.70 4.85 4.99 -
Westpac 5.34 4.15 4.09 4.49
Westpac - Offset 5.34 - - -
Westpac Special - 3.55 3.45 3.99
Median 5.34 4.02 4.09 4.39

Last updated: 21 November 2019 9:39am

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The maximum remuneration model for Australian life insurance advisers is to be set at what?

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Upfront 60% + trail 20%

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