By Jimmy Higgins
Executive General Manager, Claims
10 May, 2016
A full copy of Vero’s submission on the FAA Options paper is available here.
In 2015, the Government invited submissions on its review of the Financial Advisers Act 2008 and the Financial Service Providers (Registration and Dispute Resolution) Act 2008 Options paper.
Vero supports and contributed to the Insurance Council of New Zealand’s submission on this matter. Vero also prepared its own submission on the review.
Vero is in favour of reforming the act to simplify the current regime and make a clear distinction between ‘sales’ and ‘advice’ activity in the financial services sector in New Zealand.
We believe that sales activity should be outside the scope of the Act due to the current consumer protection available under the Fair Trading Act 1986 and Consumer Guarantees Act 1993. We also support transparency of adviser remuneration arrangements, as we believe that this is in the interests of consumers and manufacturers of financial products.