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Financial advice

May 25, 2018

In February 2015 the Government announced a review of the law governing financial advice, with the aim of updating the Financial Adviser Act 2008 to ensure it continues to support good financial outcomes for New Zealanders.

 

Financial Services Legislation Amendment Bill

In August 2017 the Government introduced the Financial Service Legislation Amendment Bill to parliament.

 

Discussion paper on disclosure regulations

In April 2017 the Ministry of Business, Innovation and Employment released a discussion paper 'Disclosure requirements in the new financial advice regime' which sought feedback on the content, form and timing of disclosures to consumers of financial advice.

 

Exposure draft

In February 2017 the Ministry of Business, Innovation and Employment sought feedback on an exposure draft of legislation to amend the law relating to financial advice.

 

Options paper

In November 2015 the Ministry of Business, Innovation and Employment released an options paper 'Review of the Financial Advisers Act 2008 and the Financial Service Providers (Registration and Dispute Resolution) Act 2008', which sought feedback on options for the reform of financial advice law, including changes to: who can provide advice and how; ethical and client care obligations; disclosure; competence; and ensuring compliance with the regime.

 

Issues paper

In May 2015 the Ministry of Business, Innovation and Employment released an issues paper 'Review of the Financial Advisers Act 2008 and the Financial Service Providers (Registration and Dispute Resolution) Act 2008', which sought feedback on topics, including: consumers understanding of the regime; commissions; conflicts of interest; disclosure; access to financial advice; competence; and ethical standards.