Advice under FMA spotlight
Most authorised financial advisers are committed to taking their obligations seriously, the Financial Markets Authority says.
It has released its first monitoring report on practices in sales and advice within New Zealand’s financial services sector, which covers its investigation into KiwiSaver sales practices.
It found cause for concern in some KiwiSaver provider practices - such as sales incentives for staff and customers being sold KiwiSaver when they approached the provider for something else. It said providers were operating a sales rather than an advice model for their clients.
The report said just three in 1000 KiwiSaver sales were being made with personalised advice.
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