Review of the Financial Advisers Act 2008 and the Financial Service Providers (Registration and Dispute Resolution) Act 2008
The Ministry of Business, Innovation and Employment has been reviewing the Financial Advisers Act 2008 and the Financial Service Providers (Registration and Dispute Resolution) Act 2008.
During the review, MBIE has assessed the performance of these Acts and consulted extensively with industry and consumers to identify any problems with the regulatory regime and opportunities for improvements.
MBIE was required to report to the Minister of Commerce and Consumer Affairs with its recommendations for improvements to the regime by 1 July 2016.
The Government has agreed to an amended regime which ensures consumers can access quality advice and which does not impose any undue compliance costs on industry or become a barrier to innovation.
- Cabinet paper [PDF 259KB]
- Regulatory impact statement: Review of the Financial Advisers Act 2008 [PDF 952KB] and
- Regulatory impact statement: Amendments to the Financial Service Providers (Registration and Dispute Resolution) Act 2008 and Regulations [PDF 290KB]
- Minister’s media release
- Factsheet [PDF 178KB]
The new regime will be refined further through consultation on an exposure draft of the new legislation and testing with consumers and industry this year. The aim is to introduce a Bill to the House at the end of 2016. The Government is still to make decisions on:
- Transitional arrangements
- Complementary measures which could address misuse of the Financial Service Providers Register
- The membership and proceedings of the Code Committee
- The FMA’s enforcement, monitoring and oversight.
MBIE will report back to Cabinet in more detail on these points later in the year.
During the review, MBIE has consulted extensively with industry and consumers. This included a formal consultation process on an Issues Paper and an Options Paper.
In May 2015 the Minister of Commerce and Consumer Affairs released an Issues Paper that sought feedback on key issues and opportunities for change.
In November 2015 the Minister of Commerce and Consumer Affairs released an Options Paper that sought feedback on potential options for changes to the regulatory regime.
Report on the Financial Services Providers Register (FSPR)
In August 2015 MBIE reported to the Minister of Commerce and Consumer Affairs on the operation of the registration part of the Financial Service Providers Act. This was a five year review written into the Act. Recognising the interdependence between the Financial Service Providers Act and Financial Advisers Act, the findings outlined in this report will feed into the wider review of those two Acts. Recommendations will be made to the Minister of Commerce and Consumer Affairs in July 2016.
Resources for the review
Terms of reference
In addition to the formal engagement process the Ministry welcomes feedback at any time. If you would like to contact us, please email email@example.com