Pāua Wealth Management supports promoting the confident and informed participation of businesses, investors and consumers in the financial markets, as well as ensuring the availability and quality of financial advice. We welcome the regulatory changes introduced by the Financial Services Amendment Act 2019 and the requirements of the Code of Professional Conduct for Financial Advice Services.
The uplift in financial advice standards by requiring advisers to, amongst other things:
- put client interests first;
- act with integrity;
- give financial advice that is suitable;
- ensure clients understand the financial advice they receive; and
- having the requisite competence, skill and knowledge
are standards that we value and have adopted since the inception of Pāua Wealth Management. We believe these standards along with the requirement of being a member of a dispute resolution scheme should apply to the entire financial advice industry, including financial advice providers that only have a wholesale investor client base.