New Zealand Legislation: Acts

3 Purpose of Act

• The purpose of this Act is to promote the sound and efficient delivery of financial advice, and to encourage public confidence in the professionalism and integrity of financial advisers, by—

  • (a) requiring disclosure by financial advisers, so ensuring that investors and consumers can make informed decisions about whether to use a financial adviser and whether to follow a financial adviser’s advice; and

  • (b) requiring competency of financial advisers, so ensuring that there are available to investors and consumers financial advisers who have the experience, expertise, and integrity to match effectively a person to a financial product that best meets that person’s need and risk profile; and

  • (c) ensuring that financial advisers are held accountable for any financial advice that they give and there are incentives for financial advisers to manage appropriately conflicts of interest.