Public Trust is proud to announce its compliance with the Financial Markets Authority's new financial adviser legislation following the completion of approximately 4,500 training hours and the registration of over 200 Registered Financial Advisers (RFA's) including a number who are also Authorised Financial Advisers (AFA's).
"Completing the registration and training of our RFA's and AFA's provides an even greater level of confidence for our customers, both in our financial advisers and the advice they offer," said David Gordon, Head of Financial Products Public Trust.
The Financial Advisers Act 2008, which came fully into effect on 1 July 2011, aims to improve investor protection and confidence in New Zealand's capital markets through regulating the provision of adviser and broking services. "Public Trust is committed to providing our customers with a high level of financial advice and confidence in our services and we fully support the Financial Markets Authority's work to increase the quality of the financial advice available to New Zealanders," Mr Gordon said.
To achieve compliance Public Trust has supported each AFA in over 50 hours of training, and each RFA with up to 20 training hours . "In addition to these hours we estimate our AFA's have each completed an additional 150 study hours in their personal time. This is a big commitment to their profession and clearly shows their dedication to the Act and its goals." said Mr Gordon.
Public Trust has provided New Zealanders with sound advice and financial services for over 138 years. Under its own Act, the Public Trust Act 2001, its primary purpose is to 'help all New Zealanders grow and protect the important things in their lives'.
Mr Gordon believes the Financial Advisers Act endorses Public Trust's mandate to promote sound financial advice and encourage public confidence in the professionalism and integrity of its financial advisers.
"We are dedicated to improving the level of advice available to New Zealanders as they plan to grow and protect their assets and to achieve their financial goals. We believe that a high level of advice should be available to all New Zealanders, and provided in plain English to ensure it is easy to understand. Our processes help our advisers provide high quality advice to all customers, irrespective of the product or service they require."