AFAs still struggling with requirements: FMA
It has released its latest monitoring report of AFAs.
It found similar issues to those identified in past reviews, including ABS documents that lacked detail.
Director of compliance Elaine Campbell said: “That’s not to say that they’re universally not getting better. An issue with any new regime is that you expect standards to increase over time. We’re always looking for the best level of communication with clients possible.”
The FMA also noted the need for improved record-keeping, the need to ensure personalised advice suited each individual client and sought to emphasise the requirement of advisers to clearly define clients’ financial goals.
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