Financial advisers have duties under the Financial Markets Conduct Act 2013 relating to the way that they give advice.
They are required to:
- give priority to your interests by taking all reasonable steps to make sure their advice isn’t materially influenced by their own interests
- exercise care, diligence,and skill in providing you with advice
- meet standards of competence, knowledge and skill set by the Code of Professional Conduct for Financial Advice Services (these are designed to make sure that advisers have the expertise needed to provide you with advice)
- meet standards of ethical behaviour, conduct and client care set by the Code of Professional Conduct for Financial Advice Services (these are designed to make sure advisers treat you as advisers should, and give you suitable advice).
This is only a summary of the duties that advisers have. More information is available by contacting KSL Insurance Limited, or by visiting the Financial Markets Authority website at https://www.fma.govt.nz.