Thumbs up for roboadvice rules
The Financial Advisers Act review is considering how roboadvice could be accommodated under the legislation covering advice. At present, the law requires financial advice to be provided by a human adviser.
In the options paper issued by the Ministry of Business, Innovation and Employment, it is suggested that financial advice could be permitted online if it is from a licensed entity, or that a hybrid option could be allowed where consumers must be given the option to speak to person if they needed to.
BNZ said it was in favour of enabling online advice because it was what consumers wanted.
“We estimate we are currently experiencing 400 digital interactions for every one face-to-face interaction and the trend is increasing.”
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