Bring in the Experts - Governance - Disputes Resolution Schemes panel discussion - Shared screen with speaker view
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Financial Advice New Zealand
Good morning everyone. Welcome to our 68th Bring in the Expert Webinars. You have all been muted and your videos turned off but feel free to ask questions down the side bar in the chatroom and in questions and answers. Katrina Shanks will ask the questions on your behalf.Enjoy the webinar!
morning to you caller
We can hear you fine in overcast cambridge
Good morning , yes
loud and clear
As a FAP
yes FScl have me both
Both Financial Adviser
FAP _ Both
Kathy Wright-St Clair
Fap for company and FA as an indiv attached to the FAP and both disputes
If the client complains about the premiums rises the Insurers inflict on them each year, how is that a complaint about us or our advice??
Kathy Wright-St Clair
Can we get copies of the presenters power points
Hi, if the complaint is about the provider, assist the client to get to the provider's complaints process. It's advisable not to represent the client, in case there is a conflict of interest.
Hi Karen, Greetings. I see a question from "Anonymous Attendee' that asks "How do you define a "Client" and where we can find this definition. If you wish you may advise this person that, Clause 2, Part 1, of Schedule 5 of the FMC Act 2013 provides this definition. I am sorry the reference is a tad mouthful but then when it comes to legalese one needs to be exacting and specific. The link is: https://www.legislation.govt.nz/act/public/2013/0069/latest/whole.html#LMS465850
Excellent - thanks for you assistance - I knew it would be somewhere in the new legislation!
sorry - spello - your assistance
Who are clientsIn this Act, a client,—(a)in relation to a financial advice service, means a person who receives the service (whether or not on payment of a charge); and(b)in relation to a client money or property service, means the person on whose behalf the client money or client property is received, held, paid, or transferred under the service (but excludes the product provider); but(c)does not include a person who receives the financial advice or client money or property service from another person if the service is both provided and received in the course of, and for the purposes of,—(i)the same business; or(ii)the businesses of related bodies corporate; or(iii)the businesses of a group of entities that consists of a licensee and its authorised bodies.ExampleIf a company employee (A) gives financial advice to the board of directors on investments to be made by the company, the directors are not clients of A. However, if A, in the course of business, gives that same financial advice to anot
Thanks everyone! that was very helpful :)