Could you demonstrate to the FMA that your clients understand your advice?
- Yes - I think I’m okay (52%)
- I’m going above and beyond the requirements (27%)
- Not sure (11%)
- It’s something I need to review (8%)
- No (3%)
Loading ...More than half of those taking part in our latest survey believe they can assure the FMA their advice is understood by their clients, and more than a quarter say they are going above and beyond the regulator’s requirements.
As reported last week, the FMA seeks tangible evidence from advisers that their clients understand their advice. Steven Burgess of the Compliance Refinery says merely obtaining a client’s signature on an authority to proceed falls short.
Of the poll results so far, 53% say they think they are okay, 28% are going ‘above and beyond’, 9% indicate it’s something they need to review, and 2% are falling short of what’s needed.
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