NBR reported this week that the client, with $540,000 to invest, was told to put most or all of it in ANZ products.

But the disclosure document given with the advice said the bank had no conflicts of interest in doing so.

The brochure given to the client said the bank was not influenced or likely to be influenced by influenced by its relationship with ANZ group companies.

The FMA said the disclosure document was for a DIMS.

“As part of our ongoing monitoring of licensed providers we would review disclosure documents. This monitoring activity includes DIMs providers.”

Asked if other banks’ documentation would be reviewed in light of this, the FMA spokesman said it would also review documents when there were complaints.

“We have seen these ANZ disclosure statements and engaged directly with ANZ to ensure they make improvements to certain areas of their documents. ANZ has agreed to amend the content around conflicts of interest and the extent to which they provide advice on products provided by only one organisation, or whether they provide advice on competitors’ products,” the FMA said in a statement.

ANZ have indicated they will publish updated disclosure documents by July 1, and they intend to update their processes to reflect the changes to their disclosure.

“The FMA has repeatedly made clear that adequate disclosure of conflicts of interest to investors and consumers is essential. The breadth or range of the products on which the client is being advised to invest a critical part of such disclosure – both within the vertically integrated firms and in the broader advice sector.”