The Financial Services Legislation Amendment Act 2019 introduces a new regulatory regime for financial advice. In February 2019 the Government agreed on the disclosure requirements that will apply in the new regime, and these will be given effect by the Financial Markets Conduct (Regulated Financial Advice Disclosure) Amendment Regulations 2019.
We would like feedback on the draft regulations. In particular, we are seeking feedback on whether these draft regulations achieve the policy intent and whether they are workable in practice for the different ways in which advice could be given.
Once we have considered submissions, we will finalise the regulations for consideration by Cabinet in early-2020.
Submissions close at 5:00 pm on Friday 8 November 2019.
The Ministry of Business, Innovation and Employment (MBIE) seeks written submissions on the issues raised in the discussion document by 5:00pm on Friday 8 November 2019.
Your submission may respond to any or all of these issues. Where possible, please include evidence to support your views, for example references to independent research, facts and figures, or relevant examples.
Please use our submission template. This will help us to collate submissions and ensure that your views are fully considered. Please also include your name and (if applicable) the name of your organisation in your submission.
Please include your contact details in the cover letter or e-mail accompanying your submission.
You can make your submission by:
Financial Markets Policy
Building, Resources and Markets
Ministry of Business, Innovation & Employment
PO Box 1473
Please direct any questions that you have in relation to the submissions process to firstname.lastname@example.org.
Use of information
The information provided in submissions will be used to inform MBIE’s policy development process, and will inform advice to Ministers on the disclosure regulations. We may contact submitters directly if we require clarification of any matters in submissions.
Release of information
We intend to upload PDF copies of submissions received to our website. We will consider you to have consented to uploading by making a submission, unless you clearly specify otherwise in your submission.
If your submission contains any information that is confidential or you otherwise wish us not to publish, please:
- indicate this on the front of the submission, with any confidential information clearly marked within the text
- provide a separate version excluding the relevant information for publication on our website.
Submissions remain subject to request under the Official Information Act 1982. Please set out clearly in the cover letter or e-mail accompanying your submission if you have any objection to the release of any information in the submission, and in particular, which parts you consider should be withheld, together with the reasons for withholding the information. MBIE will take such objections into account and will consult with submitters when responding to requests under the Official Information Act 1982.
The Privacy Act 1993 establishes certain principles with respect to the collection, use and disclosure of information about individuals by various agencies, including MBIE. Any personal information you supply to MBIE in the course of making a submission will only be used for the purpose of assisting in the development of policy advice in relation to this review. Please clearly indicate in the cover letter or e-mail accompanying your submission if you do not wish your name, or any other personal information, to be included in any summary of submissions that MBIE may publish.