The sheriff is coming

The FMA says it will begin making visits to Authorised Financial Advisers (AFAs) as it steps up its monitoring activities under the Financial Advisers Act.

FMA Head of Primary Regulatory Operations, Sue Brown said monitoring was an important part of the new professional era, enabling FMA to check that standards are being met.

“We expect that in most cases we will simply be helping advisers refine what are already sound practices. Where we see potential for improvement we will work with advisers to ensure they comply with their obligations under the Act.”

One aspect of visits that has generated enquiries from some advisers has been the implications of a visit for the privacy of client files.