Regulation of financial advice
MBIE is 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Financial advice is currently regulated under the Financial Advisers Act 2008, which will be repealed by the Financial Services Legislation Amendment Act on 29 June 2020.
Financial Services Legislation Amendment Act
The Financial Services Legislation Amendment Bill was passed into law on 4 April 2019. The legislation introduces a new regulatory regime for financial advice that will come into force on 29 June 2020.
- Read more about the new financial advice regime (including fact sheets on key changes)
- Visit the NZ Parliament website to view the history of the Financial Services Legislation Amendment Act(external link)
Next steps for new regime
The new regime will come into force on 29 June 2020 at which point all of the requirements of the new regime will apply, including the requirement to operate under a licence granted by the Financial Markets Authority. The FMA will begin accepting transitional licence applications on 25 November 2019.
More information regarding the licensing process is available on the Financial Markets Authority website(external link).
Developing supporting regulations
Cabinet has agreed further details of the new regime, including the licensing fees and levies, the registration requirements, and other aspects of the regulations.
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. The new Code will come into effect in June 2020.
Development of the Financial Services Legislation Amendment Act
The Financial Services Legislation Amendment Act was developed following a statutory review of the existing regulatory regime for financial advice.
In addition to the formal engagement processes we welcome feedback at any time.
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