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 is reviewing the Financial Advisers Act 2008 and the Financial Service Providers (Registration and Dispute Resolution) Act 2008. These Acts aim to encourage public confidence in the professionalism and integrity of financial advisers and the advice they give, and to promote participation in financial markets.

Options Paper

On 25 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.

The Options Paper called for public submissions

MBIE also provided a simplified consumer brochure alongside the more formal Options Paper, with a link to an anonymous, online survey.

Feedback welcomed

In addition to the formal engagement process the Ministry welcomes feedback at any time. If you would like to contact us, please email faareview@mbie.govt.nz

Issues Paper

On 26 May 2015, the Minister of Commerce and Consumer Affairs released an Issues Paper that sought feedback on key issues and opportunities for change.

 

The Issues Paper called for public submissions.

 

MBIE also provided a simplified consumer brochure alongside the more formal Issues Paper, with a link to an anonymous, online survey.

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.

Read the report on the FSPR [PDF 546KB]

Resources for the review

Terms of reference

Next steps

Ministry officials are considering submissions made on the Options Paper. Recommendations will be made to the Minister of Commerce and Consumer Affairs by 1 July 2016.