New Zealand Legislation: Bills

3 Purpose of Act

• The purpose of this Act is,—

  • (a) by requiring disclosure of financial advisers’ conflicts of interests, fees, and competency, to ensure that members of the public can make informed decisions about whether to use a financial adviser and whether to follow a financial adviser’s financial advice; and

  • (b) by requiring competency of financial advisers, to ensure that there are available to members of the public financial advisers who have the experience, expertise, and integrity to match effectively a member of the public to a financial product that best meets that person’s need and risk profile; and

  • (c) to ensure 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.