CoFI under consultation

In a surprise move, MBIE has reopened industry consultation into “outstanding aspects of the upcoming regime governing conduct in the financial sector”, including the CoFI bill.

As the CoFI bill stands advisers would be bound by two separate sets of fair conduct principles the first being FSLAA which came into force on March 15.

Financial Advice New Zealand CEO, Katrina Shanks, says that advisers “appreciate the fact that the officials have listened to our concerns and have gone out for another round of consultation on this issue”.

Shanks and the team at Financial Advice New Zealand have been lobbying for advisers to be dropped from inclusion under the CoFI bill, and are pleased that MBIE has allowed an opportunity to make this a reality.