FARs - where's the accountability?
It is appropriate for financial advice providers to be accountable for their financial advice representatives, because they are simply acting as a conduit between the provider and the client, the Ministry of Business, Innovation and Employment says.
Submissions close this week on the draft of the Financial Services Legislation Amendment Bill.
MBIE issued a document with questions and answers about the bill, which sets out new designations: Financial advisers, financial advice providers and financial advice representatives.
Representatives will work for providers in much the same way as QFEs currently operate.
One of the...MORE»
FMA warns on AML, won't name and shameWednesday, February 8th, 11:20AM
Twelve reporting entities, including advisers and advice firms, have been handed formal warnings for breaches of the Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) laws. MORE» |
Client-first may be too big an ask for biggest playersThursday, January 26th, 6:00AM
Is "client first" too much of a challenge for vertically-integrated organisations, such as banks? David Whyte ponders whether it's time to provide a carve-out for sales, as opposed to advice. MORE» |
Call for more scrutiny of regulators
Financial services providers are becoming ever more familiar with the Financial Markets Authority in its industry oversight role – but who is keeping an eye on the regulators?
MORE»IDS restructures to guide advisers through change
Compliance firm IDS has restructured to help advisers prepare for more regulatory change on the horizon.
MORE»IDS to offer complaint service
Compliance firm IDS is to tap the skills of its newly-appointed general manager to offer a new service to help advisers manage complaints.
MORE»MBIE asked: What harm are RFAs doing?
The Ministry of Business, Innovation and Employment has been asked: What problem is the Financial Advisers Act trying to fix?
MORE»Worry code changes slipping under radar
There is concern that changes to the Code of Professional Conduct for Authorised Financial Advisers, due to take effect this year, may have slipped under the radar for AFAs amid the bigger review of the Financial Advisers Act.
MORE»