Are You Documenting Your Advice?

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During a webinar organised by the Financial Services Council, David Ireland, a partner at law firm Dentons Kensington Swan, strongly suggested financial advisers start meeting some of the requirements of the incoming regulatory regime before it is introduced next year (see: Get Ready For Day One Now).

He said financial advisers have at least nine months before ‘day one’ of the Financial Markets Conduct act, but they could start meeting the record-keeping requirements now.

“It is no good telling the FMA what a good job you have been doing about complying with all you have to do,” he said. “You need to be able to show them. And that involves record keeping and good evidence.”

That brings us to our latest poll…

Are you already meeting the requirements of the incoming regulatory regime when it comes to documenting advice you give to clients?

  • Yes (83%)
  • Not sure (10%)
  • No (7%)

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