It’s time to engage investors about the new regime
Monday, May 30th 2011, 5:06AM 2 Comments
by FMA
- Providing clients with care, diligence and skill is now mandated in law for all advisers.
- There are clearer guidelines on the different types of services different advisers can provide and disclosure rules should make it easier for investors to choose an adviser who’s right for them.
- For the first time, there is a public register people can visit to look up an adviser or financial service provider. Investors wanting to work with an AFA can also look them up on FMA’s website – check out our new, more searchable list. QFEs are listed there too.
- And if an investor experiences a problem with an adviser there are now clearer pathways to help them get those resolved.
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Comments from our readers
On 30 May 2011 at 10:30 am traveller said:
I thought that "providing(sic) clients with care, diligence and skill" was always a part of being an adviser and was certainly part of the FPIA/IAFP code of wthics. So what is different? The important thing I can see is that we now have a regulator with legal powers to investigate adviser practises and take action when problems with an adviser arise.They need to use those powers and publicise actions. Regardless, I suspect it will take some years for investors to take advisers seriously,given the disasters of recent years and especially as New Zealanders are reluctant to pay fees. On 13 June 2011 at 9:06 am Andy said:
"We know many New Zealanders struggle with financial literacy so we want them to believe that getting advice from an appropriately regulated adviser is a good idea". The thought was there. Now all we have to do is convince the financially illiterate to fork out money to pay for the advice. Commenting is closed
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