Tate: Is regulation helping consumers?
He has already had one meeting with the regulator about the regulatory reporting guidelines and is to meet them again early next month.
Tate said he used his recent meeting to “strongly articulate” concerns about the breadth of information being requested in the new reporting requirements. The FMA is planning to make it compulsory for all AFAs to produce an annual report, called an Information Return, each year. AFAs would have to complete the first return relating to their business as at June 30 by September 30. After that, they will have to submit a return each year.
In response, the FMA had agreed to have various industry groups attend a workshop to determine what was appropriate and what would add value, he said.
Issues around the completion of the annual information return were compounded by the other requirements placed on advisers, he said. There is the AML annual report as well as the process of renewing licenses each year, and new regulations looming for DIMS providers.
Tate said a large amount of the regulatory requirements could be wrapped up into one report.
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