Regulation of financial advice

We are responsible for administering legislation relating to the regulation of financial advice in New Zealand.

Financial advice is currently regulated under the Financial Advisers Act 2008.

Financial Services Legislation Amendment Act

The Financial Services Legislation Amendment Bill had its third reading on 4 April 2019 and has now been passed into law. The legislation introduces a new regulatory regime for financial advice.

Visit the NZ Parliament website(external link) to view the history of  the Financial Services Legislation Amendment Act.

Next steps for new regime

Now is the time for industry to familiarise itself with the requirements of the new legislation and the Code of Conduct, before applications for transitional licensing opens (expected later in 2019).

what are the expected time frames may 2019
what is happening now

Developing supporting regulations

We are currently developing supporting regulations that are required for the implementation of the new regulatory regime. This includes the regulations that will set the disclosure requirements, set the licensing fees, and change the FMA levy.

More detail is available on our Regulations to support the Financial Services Legislation Amendment Act page

Code of conduct

In May 2019, the Minister of Commerce and Consumer Affairs approved a Code of conduct developed by an independent Code Working Group.

Read the Cabinet paper relating to approval of the code [PDF, 211 KB]

Learn more about the Code of conduct and its development

Licensing

The Financial Markets Authority (FMA) will continue to work with the industry to help participants understand and get ready for the new financial advice regime and licensing.

More information regarding these activities will be released on the Financial Markets Authority website in due course.

The Financial Markets Authority website(external link)

Development of the Financial Services Legislation Amendment Act

The Financial Services Legislation Act was developed following a statutory review of the existing regulatory regime for financial advice.

Read more about the review and the development of the new regime

Feedback welcome

In addition to the formal engagement processes we welcome feedback at any time.

If you would like to contact us, please email faareview@mbie.govt.nz.

Last updated: 07 May 2019