FMA: You shoudn't need a 'how to' client-first guide
Rob Everett spoke to the Workplace Savings NZ conference yesterday.
He said he had watched with interest – and some disappointment – how some commentators had become tied up in knots about their requirement to put the customer’s interests first, “bemoaning a lack of definitions and generally using up a lot of oxygen and energy wailing about different standards".
“Whatever you call it – a fiduciary duty, good conduct, putting your customer’s interests first – it all comes down to what actually happens. What the customer experiences of your service; and the results they get from what you sell them, or advise them to purchase, to meet their needs," Everett said.
He said providers should be sure that they were comfortable the customer understood what they needed to meet their goals, that what they were being sold was a good fit, that the provider had explained how the product was likely to perform, including in choppy markets, and the fees and costs of the product were made clear.
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