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MBIE publishes updated timeline for new financial advice regime

MBIE has just published an updated timeline for the implementation of the new financial advice regime.

MBIE updated timeline

MBIE's release below explains:

We have published on the MBIE website some updated factsheets relating to the new regime for financial advice, including updated expected timeframes for the new regime...

We know there has been some uncertainty and speculation about timing for the new regime. While we cannot give certainty about exact timeframes until regulations and the Code of Conduct are finalised, we wanted to share our latest best estimates of timeframes for the new regime. These updated timeframes take into account time needed for the Bill to complete its final stages in the House, and time to consult on and finalise supporting regulations and the Code of Conduct to ensure they are workable and do not impose undue compliance costs. We also want to allow for a bit more time than previously indicated for industry to apply for transitional licences given the Christmas holidays may fall during the transitional licence application period.

These timeframes are still indicative only and we will provide updated estimates of key dates once the Bill is passed. Regardless of when the Bill passes, there will be time built in for industry to prepare for the new regime.

In terms of next steps, you will see from the fact sheet showing the puzzle pieces that make up the new regime that:

  • the Code Working Group expect to consult on a draft Code of Conduct shortly, and
  • we also expect to be consulting later this year on licensing fees and levies.

We hope you will continue to engage and provide your input on these matters.

 

Sharon Corbett

MANAGER, FINANCIAL MARKETS POLICY

 

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