Auckland Financial Services Lawyer – Compliance And Regulations

Auckland Financial Services Lawyer – Areas They Can Help


The field of financial services is complex and gets more so as time goes by.  More legislation is introduced, finance officers have to comply with new compliance requirements or new financial products are released.  All of these require strict adherence by financial services providers and their employees or agents.  Penalties, whether financial or reputational, can be heavy so it is a good idea to find an Auckland financial services lawyer to help steer you and your business through the difficult waters of the finance industry.


How Can An Auckland Financial Services Lawyer Help?

There are numerous aspects to financial services. These range from regulatory compliance like Anti-Money Laundering (AML) and Countering Financing of Terrorism (CFT) to advising local government on civic finance to financial services providers and their new requirements under the Financial Service Legislation Amendment Act (FSLAA).


It is a complex area which requires deep understanding of the issues. That understanding comes from experience working as an Auckland financial services lawyer.


Other areas that are affected by financial services legislation include deposit taking, licensing requirements for agents and employees of financial services provider.


Another area under scrutiny and new legislation revolves around being a custodian obligations for client funds, and reporting on the management of that.


A lawyer in the financial services arena can also give advice about a finance company’s processes and documentation in order to comply with regulatory standards.


Obtaining and Maintaining Licenses

In many areas of finance in New Zealand, operators, whether individuals, employees or finance firms themselves, licenses are now required to operate. Getting a license can include studying for and passing suitable exams or courses, to having due processes with appropriate checks and balances. These are to ensure funds are managed and accounted properly so that investors money is not at risk of being defrauded.


The South Canterbury Finance problem which had around $1.7bn in fraudulent transactions. Mismanagement, over borrowing, poor management of lending risk, and inadequate governance to give oversight to the operations.  All these contributed to the collapse of SCF which led to stricter licensing and regulatory oversight of firms in financial services.  SCF was not the only finance services firm to collapse. This prompted reviews of many aspects of the industry.


As a result, it is now more difficult to obtain an operating license in many fields of financial services.  Given that, it is even more important to ensure that your operations, reporting and governance are robust enough to maintain the hard-won license. A financial services lawyer can help you have the requisite systems and reporting in place to achieve this,

Tighter Requirements For Financial Services In New Zealand

Auckland Financial Services LawyerIf you or your company is engaged in any form of financial services, it is imperative that you are operating within the increasingly tight requirements. The requirements are to protect investors and advisers alike.


Investors need to know their funds will not be misappropriated. Advisers and employees need to know that they are better protected because they are operating within approved regulations and guidelines.


The financial services industry is complex and often has a bad reputation. To keep your business or employees and agents on the right path, and to protect your firm and investors, make sure you have your documentations and processes up-to-date with the latest laws and regulations.


If you need advice from an Auckland financial services lawyer, try contacting McVeagh Fleming.