Financial Markets Authority (FMA) - Te Mana Tātai Hokohoko has issued an information sheet for Financial Advice Providers (FAPs) on how FAPs can demonstrate compliance with record keeping obligations. Under the new financial advice regime, Standard Condition 1 of a transitional FAP licence and a full FAP licence states: “You must promptly create and maintain adequate records relating to your financial advice services.” The information sheet outlines recordkeeping obligations and lists areas that FAP needs to consider when reviewing its recordkeeping practices, as well as examples of how FAP can demonstrate compliance. James Greig, Director of Oversight at the FMA, said: “Our monitoring of previous financial advice regimes has consistently identified poor record keeping as an area of concern. This includes insufficient records of services provided to clients and incomplete information on whether key obligations have been fulfilled. Good record keeping Ultimately helping financial advice providers demonstrate that they are serving client interests. We know that many financial advice providers are adapting and evolving their processes to meet this standard condition, so we are trying to help the industry with these practical information sheets.”