Authorised Financial Advisers (AFAs) have certain obligations under law, their Standard Conditions and the Code of Professional Conduct for Authorised Financial Advisers. This new periodic email update has been designed to alert AFAs to information, guidance and feedback to help you meet those obligations.
If you would like your compliance officer or support person to also receive future copies, please use this link to forward them a copy. They can subscribe directly here.
Monitoring visits begin next week in the lower North Island. Requests for Adviser Business Statements are also ongoing.
Please remember, Standard Condition 4 requires AFAs to make available their business records, including client information, for FMA's inspection at any time. FMA will rely on this condition for its routine monitoring activities. Inspection of records is a standard function of any regulatory body and gives the public more certainty professional standards are being upheld.
If you have not already alerted your clients that you are subject to monitoring you should take steps to do so now.
FMA's website now includes information about the purpose and current focus of our monitoring and surveillance activities.
FMA's web pages on disclosure have been updated to cover common questions we receive.
A reminder, please update any references to the Securities Commission in your disclosure documents to Financial Markets Authority.
FMA is running a series of press and radio advertisements in the Canterbury region to remind the public to get financial advice from professional financial advisers.
Red Zone website pages have been developed to support the campaign. These pages include information explaining the extension provided to Canterbury based AFAs.