It is appropriate for financial advice providers to be accountable for their financial advice representatives, because they are simply acting as a conduit between the provider and the client, the Ministry of Business, Innovation and Employment says.

Twelve reporting entities, including advisers and advice firms, have been handed formal warnings for breaches of the Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) laws.

Is "client first" too much of a challenge for vertically-integrated organisations, such as banks? David Whyte ponders whether it's time to provide a carve-out for sales, as opposed to advice.

Financial services providers are becoming ever more familiar with the Financial Markets Authority in its industry oversight role – but who is keeping an eye on the regulators?