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Financial Adviser Regulations Overview

Financial Adviser Regulations from GovernmentNew adviser regulation became effective on 1 July 2011.  According to the Government, regulation is about getting better outcomes for the people who need and use financial advice.

The Financial Market Authority (FMA) was established on 1 May 2011.  It took over the functions of the Securities Commission and the Government Actuary, which were disestablished, and consolidates other regulatory functions from the Ministry of Economic Development.

The changes in regulation for advisers and financial service providers include:

  • Providing clients with care, diligence and skill. This is now mandated in law for all advisers.
  • All financial service providers must comply with the Financial Service Providers (Registration and Dispute Resolution) Act 2008 and all financial advisers must comply with the requirements of the Financial Advisers Act 2008.
  • There are clearer guidelines on the different types of services different advisers can provide and disclosure rules should make it easier for investors to choose an adviser who’s right for them.

Investment Solutions Northland advisers are Authorised Financial Advisers (AFAs) and have been authorised by the Financial Markets Authority to provide financial advice, discretionary management services and investment planning services.

The FMA website details its role at this link:

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