FSLAA starts June 2020
The Government has agreed that the new regime will come into force in June 2020, with the exact date to be determined by Order in Council in the coming months.
Under the new regime anyone who gives financial advice to retail clients will be required to operate under a licence granted by the Financial Markets Authority (FMA). Application fees for these licences will range from $612 to $922 for a full licence, and $405 for a transitional licence.
“Businesses and individuals providing financial advice now have a year to prepare to meet the requirements that will apply in the new regime,” said Commerce Minister Kris Faafoi.
“We have several thousand financial advisers operating in New Zealand. Not only will this new regime level the playing field so they are all subject to the same rules and oversight it will increase the standard of financial advice across the board.”
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