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 Bill
In 2016 the Government announced changes to introduce a new regulatory regime for financial advice. These changes will be given effect by the Financial Services Legislation Amendment Bill.
The Bill is awaiting its final stages in the House before it becomes law. In March 2019, the Minister of Commerce and Consumer Affairs released a Supplementary Order Paper (SOP) to the Bill.
The SOP makes a number of technical amendments to the Bill.
Visit the NZ Parliament website(external link) to keep up to date with timings and progress for the Financial Services Legislation Amendment Bill.
- Read the Bill, including Supplementary Order Paper(external link)
- Read information about the Supplementary Order Paper [PDF, 315 KB]
- Read the Cabinet paper: Regulation of financial advice: disclosure and multiple providers [PDF, 203 KB]
After considering the Bill, the Economic Development, Science and Innovation Select Committee in 2018 recommended some changes in response to concerns raised by submitters. These changes are summarised in the Committee’s commentary on the revised Bill:
Next steps for new regime
Once the Bill is passed, we will provide updated estimates of key dates for implementing the new financial advice regime.
Regardless of when the Bill passes, there will be time built in for industry to prepare to meet the new regime's requirements.
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.
Code of conduct
On 1 August 2017 a Code Working Group was established to develop the new Code of conduct for financial advice.
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.
Development of the Financial Services Legislation Amendment Bill
The Financial Services Legislation Bill 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
In addition to the formal engagement processes we welcome feedback at any time.
If you would like to contact us, please email email@example.com.