Friday, October 19, 2018

Compliance & regulation

Readable Code Needed for Both Consumers and Advisers

Code Working Group Chair, Angus Dale-Jones, says the Code team are striving to create a Code document that is as readable for the consumer...

FMA Grows Impatient With ‘Patchy’ Approach to Customer Outcomes in Financial Services

The Financial Markets Authority (FMA) has described the extent of the understanding around customer outcomes, as to what is required and how to achieve...

FSLAB Changes Embrace CWG Suggestions 

The Code Working Group (CWG) is pleased with how the Select Committee's amendments to the draft Financial Services Legislation Amendment Bill (FSLAB) have reflected the...

Industry Consultant’s Reservations On Code Competence Requirements 

Locking in degree level requirements could do more harm than good, says respected industry consultant, Russell Hutchinson. In his submission to the Code Working Group (CWG) consultation...

Commissions to Stay: MBIE

The Ministry of Business, Innovation and Employment (MBIE) has made it clear that banning commissions would achieve little, following the release of its response...

FSLAB Select Committee Report Missed the Mark, Says Financial Advice NZ

Financial Advice New Zealand CEO, Katrina Shanks, has urged the Government to take another look at the proposed changes to the Financial Services Legislation Amendment...

Insurers Debate on Suitability of ‘Good Advice Outcomes’ 

Submissions received by the Financial Advice Code Working Group (CWG) have questioned the use of the terminology ‘good advice outcomes’, contained within one of...

FMA Targets QFE Advice Quality

QFE insurance providers appear to be considering their own risks ahead of their customers when it comes to replacement business, the Financial Markets Authority...

Less Than Half of Kiwis Aware of FMA

Around four in ten (41%) New Zealanders are aware of the Financial Markets Authority (FMA), a recent report released by the regulator has found. The report...

Linking Life Events With Provision of Advice

The idea to tie life events more strongly to certain forms of advice was put forward at the Financial Services Council’s Breakfast event ‘Advice...