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Customer Views of FAA/FSP - Colmar Brunton Report

MBIE has published the Colmar Brunton report on focus groups with customers as a part of the FAA/FSP review. The report makes interesting reading (find it at this link). Some highlights for us: 

  • Consumers were aware of conflicts of interest
  • ...but had little awareness of the different forms of registration and authorisation and did not understand what the difference was
  • There was a definite decision not to take as much advice when investment clients were presented with a fee option
  • Clients reported little difference between pre-2011 and post-2011 behaviour in their advisers
  • They were not aware of much commission disclosure by insurance advisers - but that didn't surprise me reading the report. Most insurance advisers do not disclose commissions

There are a host of other good things - and best of all is to simply read the quoted consumer comments. 

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