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Financial adviser law

Financial adviser regulation has undergone huge change over recent years, with financial advisers now squarely in the regulator’s spotlight. Kensington Swan’s expert team has been at the forefront of that change, playing a leading role in shaping the new regulatory environment.

This means we know the law affecting financial advisers, and are intimately familiar with how it was developed and where it is heading. Just as importantly, we know how to apply it in a commercial context.  

Extensive experience

We have extensive experience advising a range of organisations that provide financial adviser services, from major fund managers and insurers to sharebrokers and sole adviser practices. You can be confident we have experience in applying the law in any given situation.

David Ireland is a member (and previous Chair) of the Financial Adviser Code Committee. David played a leading hand in developing the Code of Professional Conduct to which all authorised financial advisers in New Zealand are subject.

Disclosure and compliance

Our expertise covers the full range of legal issues facing financial advisers and financial intermediary organisations. We assist our clients with their adviser disclosure and compliance requirements, and with negotiating agency contracts. We also have expertise in establishing distribution networks, including advising on remuneration arrangements, as well as custody arrangements for client investments. 

In addition we can help with scope of service and Adviser Business Statement (ABS) documentation, as well as Qualifying Financial Entity (QFE) applications.

Seamless service

Financial adviser law does not exist in isolation. Kensington Swan’s expertise in all areas of financial services law means we can place our advice in a broader context. We frequently involve our employment law, tax, and corporate advisory experts to provide well-rounded, commercially effective advice.

Compliance with new regulatory requirements

We have had extensive involvement with insurers, trustee companies, sharebrokers, and financial advisers, helping them develop the documentation necessary in the current regulatory environment.

Our work extends well beyond reviewing disclosure statements and verifying adviser business statements. We work closely with our clients to review their systems and methodologies to ensure everything is in order to meet or exceed regulatory requirements. We can help you devise mechanisms to effectively address your obligations to both your clients and to the regulator.

Recent experience

Qualifying Financial Entities (QFE)

We have assisted a number of organisations in assessing whether or not to become a QFE, and in meeting ongoing obligations once QFE status has been attained. Our work has included assisting with the application requirements to obtain QFE status, as well as preparing and reviewing adviser business statements. We advise on all of the peripheral arrangements and documentation required to support ongoing operations of QFE's and their reporting obligations.

Managing client complaints

We have acted for a number of fund managers and insurers, as well as adviser businesses and individual advisers, in managing complaints from their clients. We help them not only manage the complaint process, but also identify areas for improvement in their own practices to minimise the risk of future complaints arising.

Managing regulatory scrutiny 

The regulator wants to work with 'willing compliers'. We have helped a number of clients to proactively address issues of non-compliance and to repsond to regulatory scrutiny - whether from practice reviews or complaints. 

New Zealand Guardian Trust

When Guardian Trust recognised that they needed help with their Financial Advisers Act implementation project, they came to us. We helped Guardian Trust prepare new disclosure statements, investment reports and client questionnaires, and assisted with client communications. A key element of the project was advising Guardian Trust on how to accommodate the particular services provided by a trustee company within the Financial Advisers Act framework.



Related legal services

Managed funds law
Employment law
Superannuation and KiwiSaver
Securities markets and NZX
Insurance Law
Trustee services

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