FMA wants clearer fees
Financial advice providers are being told to ensure they are providing clear explanations of their fees, including clawbacks, so that investors can make informed decisions.
The Financial Markets Authority said it had reviewed how fees, incentives and commissions were being disclosed across managed investment schemes, discretionary investment management services (DIMS) and financial advice providers (FAPs).
It said disclosure was generally satisfactory but there were some issues identified with clarity, completeness and consistence. It reviewed schemes run by 37 managers, DIMS providers and financial advice providers.
FMA executive director for response and enforcement Louise Unger said it looked at whether disclosure was allowing people to see the overall cost of a product or service and adequately compare their options.
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