The Government has today announced that the new regime for financial advice will come into force in June 2020. The Government has also agreed on the licensing fees and FMA levies that will apply in the new regime and new requirements for registering on the Financial Service Providers Register.
You can view the media release here: https://www.beehive.govt.nz/release/new-advice-safeguards-will-protect-consumers
You can view updated timelines, the Cabinet papers and Regulatory Impact Statements on our website: www.mbie.govt.nz/faareview and related pages
Now is the time for industry to familiarise itself with the new requirements and complete preparations for the coming changes. This includes determining how you will operate in the new regime and how you will comply with the legislation and the new code of conduct for professional advice services, and obtaining transitional licences when applications open.
MBIE will soon be consulting on the draft disclosure regulations that will apply in the new regime. We encourage you to review the draft regulations when they are available and to provide any feedback on how you think they will work for you.