New regulations affecting financial advisers in New Zealand come into effect this Friday, with reports up to 300 financial advisers will be forced out of business as a result.
The Financial Advisers Act will make it an offence for unlicensed advisers to give advice on KiwiSaver, managed funds and other investment products without proper qualifications. According to the Financial Markets Authority (FMA), 1,367 financial advisers have been authorised, with a further 150 applications due to be processed this week, NZ Herald News reports. As in the UK, the aim off the reforms is to bolster confidence and substantially lessen the risks for investors, with advisers required to be listed on a public register and belong to an approved dispute resolution scheme. ...
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