All financial service providers (like ASB) are required to give their retail customers a clear disclosure statement about the financial adviser services they provide.
A Disclosure Statement is a special document put together by your bank (or other financial service provider) that lets you know which financial products they offer financial adviser services on. It also tells you about different people you can talk to if you need more information, or if things go wrong.
Whenever you get advice about your finances, you need to know that the people you’re talking to are qualified to help. A Disclosure Statement tells you more about this, and explains which type of adviser you’re talking with. It may assist you in choosing the financial adviser you wish to use.
There are many different financial products and some are more complicated than others. Some financial advisers hold different types of licenses and this affects the type of advice they can provide. Some look after more straight-forward products like bank accounts and credit cards (called ‘Category 2 products’), others are licensed to help with more complicated things like investments (called ‘Category 1 products’). There are also advisers who can offer a full investment planning service across all categories and products.
The types of advisers you might come across at ASB are Qualifying Financial Entity (QFE) advisers and Authorised Financial Advisers (AFAs).
You can find out about other types of financial advisers and their relevant qualifications at fma.govt.nz
There’s more about Category 1 and Category 2 products on the FMA website.
That’s totally up to you. Your banking is personal and it’s important to bank with someone that you feel comfortable with. You may consider the disclosure you get from different advisers when deciding who to choose.
Before you get any financial advice, your adviser needs to explain what type of adviser they are and either give you a disclosure statement, or make sure you already have one.
If you have a problem, concern, or complaint about our products or financial adviser services, please let us know so we can try and fix the issue. You can do this in several ways as detailed in our QFE Disclosure Statements.
If you have more questions about our Disclosure Statement, just ask in any branch or call 0800 803 804. Or if you’d like to know more about Disclosure Statements in general, get in touch with the FMA or visit fma.govt.nz