Govt seeks feedback on disclosure rules
The Ministry of Business, Innovation and Employment (MBIE) has issued its draft regulations, seeking feedback on the disclosure requirements that will sit alongside the new financial advice regime.
The first requires any financial advice provider to keep a record of every disclosure made in accordance with the rules.
Then, as a matter of course, MBIE suggests advisers make publicly available the licensing status of their FAP – including a brief summary of any conditions that might limit the advice that can be given.
The adviser would also have to give information relating to the type of financial advice the FAP gave, products advised on and any limitations, including product providers dealt with.
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