[Weekly Wrap] Rules and more rules

The idea is that dealer groups could monitor their members in a similar way to the system used by QFEs.

The response to the idea was mixed. While Camelot's Peter Cave told me he was already thinking something along those lines, David Whyte said - and I'm paraphrasing here - that dealer groups weren't really up to the job. The comments section on this story has been running hot all week. I put the question to the FMA itself but so far have not had a response.

Then, the FMA issued a warning that people would need to be on their toes about AML pretty much right from the beginning. It's only a matter of weeks now until the new legislation takes effect. Unlike the introduction of the FAA regulations, this time there's going to be a lot less hand-holding from the FMA and a lot more action. The FMA said those who hadn't been audited would be the first to come under its watchful eye.

Speaking of rules and regulations, the tax laws around foreign superannuation schemes had apparently become so complex and confusing that some people could not understand whether they were actually meant to pay any tax at all. The good news for advisers dealing with people bringing large superannuation schemes to New Zealand is that there are moves to clarify what tax they must pay.