Thursday 1st August 2013 |
Text too small? |
Gould Steele & Co, a Wellington-based boutique financial advisory service, has resigned as an NZX Advising Firm, giving up its formal status to avoid having to comply with stricter compliance rules for advisers.
The firm will continue to offer clients financial advice and outsource settlement and trading to NZX participant firms as it has previously done, though will only be regulated by the Financial Markets Authority.
Managing principal Kevyn Rendell told BusinessDesk the firm made the decision to reduce the duplication in meeting rules for both the FMA and the stock exchange.
"We're a small firm, and two levels of compliance regime adds huge costs to us in terms of financial and resource," Rendell said.
Gould Steel & Co provides financial advice mainly to private retail clients, he said.
The FMA took over some of the NZX's supervisory roles as part of its creation in 2011, which was designed to create one authority overseeing the financial services industry.
That followed the introduction of tighter regulation of financial advisers, who wore much of the blame for putting their clients into the failed finance companies of the last decade.
BusinessDesk.co.nz
No comments yet
GTK - Half-Year Results Announcement Date
Government ends war on farming
Sky and BBC Studios renew expanded, multi-year agreement
AOF - Q1 Improved Trading Performance & FY24 Guidance Maintained
Devon Funds Morning Note - 23 April 2024
April 23rd Morning Report
RYM - Group CEO Update
BGI - Director Michael Chai
RAD - Final Dividend and Strong FY24 Operating Performance
RYM - Group CEO Update