Offers of Financial Products and Financial Markets Advice

Creating a FinTech Business? Here Are Some Issues to Look Out For

Technological innovation in the financial services sphere has enabled financial institutions to adopt and use Financial Technology ("FinTech") to improve or allow for more effective or efficient provision of financial services. FinTech often involves innovation - new business models, applications, processes, and products or new ways of delivering those products. It includes computer programs, apps and other technology used to support or enable banking and financial services. FinTech businesses cater for a wide range of consumer needs; including online banking, obtaining financial advice, personalised investment portfolios, cash transfers, and share trading platforms. Successful FinTech businesses such as PayPal and AfterPay have become household names.
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Financial Advisers Must Comply With new Code of Professional Conduct From mid-2020

The Minister of Commerce and Consumer Affairs has released the content of a new Code of Professional Conduct for Financial Advice Services that should come into effect in mid-2020. The Code will require those persons who provide regulated financial advice to retail clients to meet certain standards of professional conduct, and will follow the commencement of the Financial Services Legislation Amendment Act 2019 ("FSLA").
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Providing Financial Services or Financial Products in New Zealand

There are a large number of statutes that potentially apply to any business providing financial services or products in New Zealand. We are aware from prosecutions by regulators and from assistance that we have provided to clients, that many people are unaware of the full compliance requirements that relate to their business. In some cases, businesses may comply with one statute, but are unaware that there are other statutes that apply.
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