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About the changes

Page last updated: 20 Feb 2019

Below we’ve summarised the proposed changes to how financial advice is regulated and what this means if you would like to continue providing advice to retail clients. 

What's changing

If the proposed changes go ahead

  • The three current adviser types (Authorised Financial Adviser, Registered Financial Adviser and QFE adviser) will be removed and all advisers will need to meet the same standards.
  • The distinction between ‘class advice’ and ‘personalised advice’ will be removed.
  • The distinction between ‘category 1’ and ‘category 2’ products will be removed.
  • The requirement that advice can only be provided by a natural person will be removed.
  • The Financial Advisers Act 2008 will be repealed.

Our role

Parliament is currently considering changes to how we regulate financial advice in New Zealand. A number of government agencies are involved in this process. Below we outline which areas each of us is responsible for.

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List of MBIE, FMA and Code working group responsibilities as regulators

What this means

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Only licensed financial advisers can advice retail customers 

What is happening now

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How changes effect code of conduct, licensing, registration, disclosure and fees

For more information about the changes and why they are happening, visit the Ministry of Business, Innovation and Employment’s website.