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The Financial Advisers Act 2008 will be repealed.
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.