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Financial Advisers Act changes revealed
Wednesday 13th of July 2016
The recommendations for the new-look FAA, revealed today fall into three main categories.
One set of rules for all
The first removes distinctions between advisers and types of advice. Under the new FAA, definitions of class, personalised advice and product categories will be removed. So will the RFA, AFA and QFE designations.Commerce Minister Paul Goldsmith said the revamped FAA was an attempt to get conversations about New Zealanders' finances flowing, instead of advisers being hindered by restrictions on the type of product they could discuss.
All advisers, whether they are human or roboadvice, will be required to place the interests of the consumer first and provide advice only where they are competent to do so.
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