Law Society backs greater powers for professional associations
In the Law Society’s submission on the Ministry of Business, Innovation and Employment’s Financial Advisers Act Options Paper, president Chris Moore said more work should be done to identify the benefits of amending the Financial Advisers Act to establish a sole professional body for advisers.
“A professional body could be responsible for licensing financial advisers and regulating conduct through setting and enforcing a code of conduct.”
He said that association could co-regulate with the Financial Markets Authority (FMA). The FMA would have an oversight role but the day-to-day discipline of advisers would be up to the association.
“It would be important to ensure the boundaries between the professional body and the FMA were clearly established.”
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