Advisers get extension, but some don't want one

Advisers will have a further three months to seek registration and authorisation under the new financial adviser legislation, Commerce Minister Simon Power says.

The extension has been welcomed by IFA chief executive Peter Lee, however some advisers say it isn't really needed.

"I think it's absolutely fantastic," Lee says. "I'd specifically written to Simon Power to say we'd really like to have a three month extension for the Canterbury advisers and that's exactly what's been given."

"There's a lot of advisers down there that are hurting and the last thing they really wanted was to comply with rules so we think it's brilliant," he said.