FMA tells AFAs to review their processes

Deirdre Keown | financialalert | 23 January 2012

As a result of the findings of its latest AFA Monitoring Report, the Financial Markets Authority says it expects all Authorised Financial Advisers to review their processes.

"The most common issues we see are advisers having difficulty demonstrating adequate compliance with Code Standard 8. This standard requires AFAs to take reasonable steps to ensure the personalised service is suitable for the client," the report states.  "In light of these findings, we exp...