Financial Advice New Zealand welcomes the Government’s draft exposure bill that will set disclosure requirements in the new financial advice regime.

Chief Executive Katrina Shanks says Finance Advice New Zealand backs more transparency in the sector and supports moves in that direction.

“Though we generally support the proposed requirements around record-keeping regarding disclosure made to clients – including on conflicts of interest on commissions and other incentives, disciplinary issues, and about what advice an adviser is licensed to provide – in our view some of them need further consideration and development, and we will be providing feedback on them.

“Many advisers, of course, already do much of this, but making it a requirement for all advisers will be a good thing for clients and for building public confidence and trust in the sector.”