Below are the various steps that must happen to implement the changes. For indicative dates, see the timeline from the Ministry of Business Innovation and Employment (MBIE).
Financial Advice Code Working Group begins developing new Code of Conduct – (this started in August 2017).
Bill referred to the Economic Development, Science and Innovation Committee.
Submissions on the Bill closed.
Select Committee report due.
Parliament passed the Bill and it received Royal Assent.
The Minister of Commerce and Consumer Affairs approved the new Code of Conduct.
New regulations are developed, consulted on and finalised.
Monday 25 November 2019
Transitional licensing opens and applications for a transitional licence are accepted until 15 March 2021.
Monday 15 March 2021
Full licensing opens and the new financial advice regime begins.
16 March 2023
All transitional licences expire and advice can no longer be provided under a transitional licence. If you’re a financial advice provider, you must have a full licence to continue providing financial advice. If you’re not applying for your own licence, you must be engaged by a licensed financial provider who covers you under their licence. The competency exemption also expires and you must meet the competency requirements under the Code of Conduct.