Improving access to quality financial advice
In 2016 the Government agreed to amend the regulatory regime that oversees the provision of financial advice in New Zealand.
These changes will improve access to high quality financial advice for New Zealanders and represent a shift away from the current regime which sought to professionalise a subset of advisers, towards a regime which establishes a level playing field of regulation for all who are providing advice.
This followed an extensive review of the Financial Advisers Act 2008 and the Financial Service Providers (Registration and Dispute Resolution) Act 2008 by MBIE.
Minister appoints Financial Advice Code Working Group
The Minister of Commerce and Consumer Affairs has appointed a Financial Advice Code Working Group commencing on 1 August 2017 to develop the new code of conduct for all financial advice.
The new code of conduct will outline the ethical and competency standards for all who give financial advice. In developing the code, the Financial Advice Code Working Group must consult with industry bodies, consumer groups and all interested parties.
The following individuals were appointed:
- Angus Dale-Jones (Chair)
- Barbara Benson (Consumer and/or Dispute Resolution Representative)
- Brian McCulloch (Consumer and/or Dispute Resolution Representative)
- Graeme Edwards
- John Berry
- Paul Mersi
- Rebecca Vanderbom
- Shane Edmond
- Therese Singleton
- Terms of reference for the Code Working Group [PDF 222KB]
- Minister’s media release on the Beehive website
Consultation on the exposure draft of the Bill
On 17 February 2017 the Minister of Commerce and Consumer Affairs released an exposure draft of the amendment Bill and also sought feedback on proposed transitional arrangements.
The Consultation paper is divided into three sections and includes contextual information about the review, commentary on the draft Bill and details the proposed transitional arrangements.
Report on the Review of the operation of the Financial Advisers Act 2008 and the Financial Service Providers (Registration and Dispute Resolution) Act 2008
In June 2016 MBIE reported to the Minister of Commerce and Consumer Affairs on the operation of the legislation that oversees the provision of financial advice in New Zealand. This was a five year review that was written into the Acts. In the report MBIE made a range of recommendations for improvements that could be made to the 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 were fed into the wider review of those two Acts.
MBIE will review the submissions and make any necessary changes to the drafting of the Bill.
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
In February 2017 the Minister of Commerce and Consumer Affairs released a consultation paper that sought feedback on an exposure draft of the Financial Services Legislation Amendment Bill, and proposed transitional arrangements.