Below are the various steps that must happen to implement the proposed 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.
New Code of Conduct is approved by the Minister of Commerce and Consumer Affairs. New regulations are developed, consulted on and finalised.
Transitional licensing opens. We will be accepting applications for approximately six months.
Full licensing opens six months after transitional licensing opens.
After two years, the transitional licence period ends, all remaining 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.
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