Draft new code revealed
Consultation was launched late last year on a draft revision of the Code. An exposure draft of the revised version was released yesterday.
The Code Committee said a number of submissions received, and the recent Options Paper released by the Ministry of Business, Innovation and Employment as part of its review of the Financial Advisers Act (FAA), highlighted the problem of consumers being unable to access limited financial advice.
"Personalised advice on discrete issues [is] either proving costly to provide or not provided at all," the Committee said.
"The overwhelming impression conveyed through the consultation process is that the transactional advice mechanism has not been effective in improving consumer access to personalised advice."
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