A section from the April FSC Member Update:
Financial Advisers Act (FAA)
The FAA draft legislation is out and the market is abuzz with thinking, reviewing and responding to MBIE’s Consultation Paper on the
new Financial Advice Regime.
Within the FSC, a highly-engaged member committee formed to review and respond to the Consultation Paper and draft legislation.
The (policy and regulation) committee has been a great example of how a group of members can discuss contentious issues and
have healthy debate. A big thank you to all who contributed to the final submission.
The FSC’s submission reflected the diverse views of members and focussed on the six big themes of:
- The Consumer
- Advisers and Advice Categorisation
- Client First
- Conflicts of Interest and Inappropriate Incentives
- Transition and Code Development
The FAA is a substantial policy issue that will impact the financial services industry in New Zealand, and we will continue meeting
with MBIE and the Financial Markets Authority (FMA) to understand policy direction and represent our member views.