Financial advisers

A new regulatory regime for the financial industry was introduced in 2011. 

As a result of the new regime, financial advisers are now accountable for their advice, and must reach high standards of competency and professionalism. The changes should increase investor confidence in the financial services industry. 

In additon:

  • Financial advisers must be listed on a public register.
  • Financial advisers who wish to be authorised must complete training and apply for authorisation from the Financial Markets Authority.
  • Advisers providing financial services to the public must belong to an approved dispute resolution scheme.
  • Authorised financial advisers must follow a code of professional conduct that covers ethics, client care, knowledge, skills and competence, and continuing professional development.

The Acts and the Regulations

The Acts and the Regulations relating to the new regulatory regime for the financial industry.

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Cabinet papers

Papers relating to the new regulatory regime for the financial industry.

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Improving access to quality financial advice

In December 2017 the Financial Services Legislation Amendment Bill has its first reading. This Bill gives effect to the new regulatory regime for financial advice and has been referred to the Economic Development, Science and Innovation Select Committee.

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Financial Advice Code Working Group

The Minister of Commerce and Consumer Affairs has appointed a Financial Advice Code Working Group (Code Working Group) to develop the new code of conduct for financial advice.

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