FMA has released a new guidance note (Guidance Note: Client communications and record-keeping) for Authorised Financial Advisers (AFAs) who provide personalised advice services to retail clients. It is also relevant to QFEs and other entities that employ AFAs.
This guidance covers FMA's expectations about communicating with retail clients and keeping records about personalised services provided to retail clients. This includes FMA's communication and record-keeping expectations for all forms of personalised services including financial advice, investment planning services and discretionary investment management services. However, it does not cover requirements for class services.