The Financial Advisers Act 2008
There’s new legislation coming into effect in July, and we want to make sure our
customers understand how this impacts them, and what The National Bank is doing
to make sure we look after our customers.
What is the new legislation?
The Financial Advisers Act 2008 (FAA) comes into effect on 1 July 2011.
The purpose of the FAA is to promote the sound and efficient delivery of financial
adviser and broking services and to encourage public confidence in the professionalism
and integrity of financial advisers and brokers. The FAA requires financial advisers
and brokers to take an appropriate degree of care in providing services to investors
and consumers and prohibits certain conduct. It also covers disclosure and competency
requirements, and ensures that financial advisers are held accountable for the services
that they give to retail clients and that there are incentives for financial advisers
to manage conflicts of interest appropriately.
What does this mean for you?
The FAA covers some of the services that The National Bank may provide to you. ANZ
National Bank Limited is a Qualifying Financial Entity (QFE) under the FAA and,
together with its associated entities, forms the ANZ New Zealand QFE Group (QFE
Group). This means that we take responsibility for the financial adviser services
provided by certain staff within the QFE Group (known as QFE Advisers). It’s our
priority to ensure that our QFE Advisers have the experience, expertise, and integrity
to effectively match our customers to financial products that best meet their individual
needs and risk profiles.
Want more information?
The QFE Group’s QFE
disclosure statement provides information about our financial adviser services.
It includes information about the types of products and services our QFE Advisers
can advise you on, how we get paid, and the process for resolving any issues or
complaints you may have.
Please take the time to read this important information, and if you have any questions
don’t hesitate to call us on 0800 629 325.
Yours sincerely
Kerri Thompson
Managing Director Retail