Articles tagged with 'Financial Markets Conduct Act'
14 October 2021 - If it looks too good to be true, it probably is and the FMA wants to make sure you do the right thing by your customers and clients releasing a new guide for the advertising of financial products.
7 October 2021 - The FMA has directed property development and investment company Du Val to remove advertising materials it says are likely to mislead or deceive investors.
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).
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.
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.
13 December 2019 - A bill has been introduced into Parliament that will allow for regulation of the incentives paid to advisers and salespeople.
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.
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.
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.
12 September 2019 - Financial advice reforms are at risk of not delivering on one of their key stated aims, one law firm says.
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.
3 December 2018 - More change is coming for financial advisers who operate personalised DIMS for their clients.
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.
29 November 2017 - He's only been approved to offer personalised DIMS for just over two years, now adviser Alistair Bean faces more uncertainty.
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.
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".
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.
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.
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.
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.
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.
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.
7 August 2017 - Labour 'can't guarantee' position of support for the Financial Services Legislation Amendment Bill won't change.
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.
1 August 2017 - As many as 40% of advisers may fail to receive a licence under the new regulatory regime, it has been suggested.
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.
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.
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.
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.
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.
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.
18 April 2017 - Financial adviser groups have made one last attempt to get the rules tightened for accountants and lawyers who offer advice.
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.
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.
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.
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.
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...
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.
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.
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.
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.
3 March 2017 - Andrew Gunn asks: Why are we okay with the idea of an unqualified workforce?
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.
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.
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]
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.
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.
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.
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.
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.
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.
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.
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.
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