FSLAB enters the final straight
Last night, commerce and consumer Minister Kris Faafoi formally began the third phase of the bill’s journey into New Zealand law, a final step before it receives Royal Assent.
Faafoi thanked the financial services sector for working with MBIE on the Bill so far. He said the government would continue to work “in a consultative way” with the financial services industry, “to ensure we land on a code of conduct for the sector works for the sector and in the best interests of consumers”. He promised an “even” outcome for small and large advisers.
The Minister said he was keen to “get the final balance” of the new Code of Conduct right, and said parliament would seek feedback from the FMA before it finalises the new Code. “I want to make sure that process is done quickly so in order to give sector time it need to transition,” he added.
The Minister pointed to a lack of “trust between consumers and the financial services sector. He said the new Code of Conduct is designed to ensure New Zealanders get appropriate advice for their insurance, mortgages, pensions, and investment products. He said information and advice on financial products “isn’t as necessarily as well informed as it could be”, currently.
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