KAN chair calls for financial advisers to be exempt from CoFi
Class 1 FAPs are sole advisers while Class 2 providers are groups of advisers.
Whyte, who chairs the Kiwi Advice Network (KAN) and owns the DCW Management consultancy, says that only the financial product advisers should have to comply with CoFi.
Advisers already have “a clear fiduciary duty to represent their clients' interests” under other financial services legislation, such as the Financial Services Legislation Amendment Act, as well as their professional code of conduct, “which clearly states they have to put the client's interests above their own,” Whyte told GoodReturns.
Cofi is simply duplicating regulations advisers are already complying with, he says.
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