Reporting rules cause confusion
As of April last year, services such as wrap platforms that provide custodial services must regularly report to their retail and smaller wholesale clients about money and property being held under their watch, under the Financial Advisers (Custodians of FMCA Financial Products) Regulations.
ASB-owned wrap provider Aegis, the largest in the NZ market, is now reporting to clients twice a year.
It sends out a holding report detailing what assets the client holds, a cash transaction report, an asset transaction summary and a pending transactions report.
Acting head of Aegis Peter Dine said the reports were issued in accordance with the requirements of the custodial regulations.
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