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MBIE Consultation Opens on Disclosure Regulations

From the team at MBIE: 

We are now seeking feedback on the draft regulations that will set the disclosure requirements that will apply in the new financial advice regime.

The Financial Markets Conduct (Regulated Financial Advice Disclosure) Amendment Regulations will give effect to the Cabinet policy decisions made in February 2019. We are now seeking feedback on the content of the regulations themselves. In particular, we are seeking feedback on whether these draft regulations achieve the policy intent and whether they are workable in practice for the different ways in which advice can be given.

You can read the exposure draft and make a submission here: https://www.mbie.govt.nz/have-your-say/exposure-draft-financial-markets-conduct-regulated-financial-advice-disclosure-amendment-regulations-2019. Submissions close on 8 November and we would greatly appreciate any feedback you might have.

Key points: 

  • As discussed previously, dollar disclosure
  • Disclosure of scope of service
  • Disclosure of conflicts and how they are managed - probably the latter part of that is the more interesting bit

 

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