Articles tagged with 'Financial Markets Conduct Act'
AIA admits to fair dealing breaches - could face $700k fine
29 July 2021 - Life insurer AIA has admitted to making false and/or misleading representations to customers and could face a fine of up to $700,000 after court proceedings were brought against the company by the Financial Markets Authority (FMA).
Ending a 40-year career - the true cost of a FADC decision
13 July 2021 - The long-serving financial adviser recently censured by the Financial Advisers Disciplinary Tribunal says she wants to tell her story after the process left her frustrated, disappointed and ultimately forced her out of the profession.
FMA seeks consultation on investor exclusion exemption notice
20 January 2021 - The FMA are seeking industry feedback on the Financial Markets Conduct (Wholesale Investor Exclusion) Exemption Notice 2017, which will expire on February 4, 2022.
Bill tabled that will bring new conduct rules for financial institutions
13 December 2019 - A bill has been introduced into Parliament that will allow for regulation of the incentives paid to advisers and salespeople.
As confusion reigns and opinions are strong, is it all a bit much?
31 October 2019 - There are so many options for advisers under the new regime; licensing, coming under a licence, packing it in, or working for a bank or insurer. Jon-Paul Hale says the answer is quite simple.
FMA reports on 'watershed' year
30 October 2019 - The Financial Markets Authority says it's had a significant year as the financial services sector moves to a new regulatory environment.
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.
Financial advice reforms may miss the mark
12 September 2019 - Financial advice reforms are at risk of not delivering on one of their key stated aims, one law firm says.
FMA ponders advice exemptions
15 August 2019 - If you want to rely on alternative qualifications under the new regime, they'll probably need to be assessed by an NZQA-approved qualification developer.
DIMS gets another shake-up
3 December 2018 - More change is coming for financial advisers who operate personalised DIMS for their clients.
FMA referred fraudster “broker” to IRD
24 August 2018 - Complaints about the conduct of “mortgage broker” David Simon Barton to the Financial Markets Authority led to his referral to the IRD and conviction for tax fraud, it has emerged.
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.
A survival guide for financial adviser licensing
21 November 2017 - All financial advisory businesses will begin a mandatory licensing process, but do not fear, the FMA comes in peace, John Berry says. In the first of two-part commentary he shares his views on what to expect and how to prepare for change.
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".
FSLAB could be slower
24 October 2017 - Progress of the Financial Services Legislation Amendment Bill may be slower under the new Labour-led government than it might have been under National.
14pc of inquiries about advisers, FMA says
28 September 2017 - The number of financial adviser inquiries made to the Financial Markets Authority is steady year-on-year, the regulator's latest annual report shows.
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.
Managers issue risk warning
21 August 2017 - Fund managers are warning that the risk indicators they use in information for investors may make their funds seem less volatile than they really are.
Managers struggle to find index to report against
9 August 2017 - An exemption is being proposed for fund managers who are unable to find a compliant market index to use when they communicate to clients how their funds have performed.
Law changes an imperfect improvement
8 August 2017 - Changes made to the Financial Services Legislation Amendment Bill before it was introduced to Parliament have been welcomed by the financial advice sector - but some say they did not go far enough.
Bill won't get through this term - so what?
7 August 2017 - Labour 'can't guarantee' position of support for the Financial Services Legislation Amendment Bill won't change.
Trust laws get shake-up, and advice carve-out
3 August 2017 - New Zealand’s trust laws are being updated and it includes a carve-out to help advisers whose trusts are also captured by the Financial Markets Conduct Act and Financial Advisers Act.
Many advisers 'won't pass licensing hurdle'
1 August 2017 - As many as 40% of advisers may fail to receive a licence under the new regulatory regime, it has been suggested.
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.
FMA proposal criticised by fund managers
15 June 2017 - Fund managers are worried by Financial Markets Authority-proposed guidance on substantial product holders’ disclosure obligations, which the regulator says are designed to improve transparency and deter inappropriate conduct.
'Inappropriate' incentives contentious
7 June 2017 - Product providers and industry commentators are at odds over a new proposed duty not to offer inappropriate payments or incentives to their representatives.
Insurers want tweaks to client-first duty
25 May 2017 - Insurance companies have given the exposure draft of the new financial advice legislation a tentative nod of approval, but want changes to the duty it imposes for advisers to put a client's interests first.
More time needed for new rules
23 May 2017 - Ministry of Business, Innovation and Employment officials have been told they may not be giving the financial advice industry enough time to transition to new legislation.
Adviser numbers might halve
19 April 2017 - It has been predicted that the number of advisers in the market could drop by up to 50% as the new regime beds in.
Last attempt to change exemptions
18 April 2017 - Financial adviser groups have made one last attempt to get the rules tightened for accountants and lawyers who offer advice.
Advisers can work with many entities: MBIE
6 April 2017 - MBIE has confirmed that a financial adviser will be able to work for more than one licensed financial advice provider under the new regime.
PAA: Draft bill essentially 'demoting the AFAs'
4 April 2017 - It is wrong that the majority of participants in the financial services sector do not need any level of qualification but can still be called a financial adviser, the PAA says.
Industry rallies to make its voice heard
3 April 2017 - The financial advice industry has picked holes in the exposure draft of the new legislation set to govern the sector with a large number of submissions filed so far.
FARs - where's the accountability?
29 March 2017 - 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.
Law change won't redraw boundaries
23 March 2017 - Insurance product recommendations currently offered outside the scope of the Financial Advisers Act will continue to fall outside the regulatory net once...
Dodds: All Blacks must be better than club rugby
23 March 2017 - Advisers who are thinking about ducking personal liability by becoming financial advice representatives under the new regime have been given a serve by Institute of Financial Advisers chief executive Fred Dodds.
MBIE: Tell us what's better than FAR
22 March 2017 - With just over a week left of consultation, the Ministry for Business, Innovation and Employment has received just 10 submissions on the law that will transform the financial advice sector. But it says it knows there are concerns about some aspects - and wants to know how it could be made better.
Code Committee voices objections
16 March 2017 - The Code Committee has slammed the wording of a new client-first duty set to become law for financial advisers, and the lack of personal accountability proposed for financial advice representatives.
Labour: Support for regulation change
15 March 2017 - Labour is likely to support the bill that will repeal the Financial Advisers Act, at least through first reading, if its fate ends up in the party's hands.
MBIE missed the mark
3 March 2017 - Andrew Gunn asks: Why are we okay with the idea of an unqualified workforce?
Advisers told: Avoid conflicts with any other person
27 February 2017 - A new explanation of how advisers could be expected to legally put clients’ interests first is causing more confusion that it solves.
FAA licensing process will be bigger job thn FMCA: Mason
29 November 2016 - The process of licensing of fund managers is coming to an end and next up with be an even bigger job, the second round for financial advisers.
[Updated] Fund managers on home straight of licencing race
28 November 2016 - The deadline for fund managers to become licensed is just four days away now, and so far 66 firms have become managed investment schemes. [Includes list of licenced schemes]
Green light for post-FMCA ROPS, but demand down
2 November 2016 - British currency volatility is leading to a slowdown in interest in pension transfers to New Zealand, as the Government clears the way for providers to continue to operate under the Financial Markets Conduct Act.
Financial services provider 'should be allowed to follow law'
5 August 2016 - Financial markets participants should be entitled to work on the basis of what the law tells them to do – not how the Financial Markets Authority wants them to interpret it, one legal expert says.
Managers on borrowed time
15 July 2016 - There are fears many fund managers and DIMS providers may miss the mark for licensing under the Financial Markets Conduct Act, and find themselves shut out of business.
Hard to find right advice fit
4 July 2016 - New legislation is helping financial advisers move from a product focus to a relationship focus for their businesses, ASB’s general manager of wealth says. But despite increasing demand for good advice, finding the right advisers for the job is tough going.
FMA: Changing regulatory landscape hard for some
26 May 2016 - New Zealand’s new world of financial regulation has come as a shock to many, but the Financial Markets Authority boss says it is building an improved investment environment.
Fund managers a growth opportunity for financial advice, FMA says
29 February 2016 - Financial advisers will probably have an increasing role in intermediating between consumers and the funds management industry as it gathers strength, the chief executive of the Financial Markets Authority says.
Stress testing better option than risk indicators: James
21 January 2016 - New Zealand could do investors a service by not following other countries' lead when it comes to talking about the riskiness of their investments, one fund manager says.
Risks indicators an education tool
18 January 2016 - New risk indicators that will be used to describe managed funds' volatility in disclosure documents should help build investor confidence despite their flaws, industry participants say.
