Licensing takes on some of code obligations
The regulator is proposing to require all financial advice providers to meet record-keeping and complaints-process standards as part of their transitional licenses.
All financial advisers will have to work for a licensed financial advice provider under the new regime.
Transitional licensing will open later this year. Disclosure requirements and a new code of conduct will come into force when the new laws take effect mid-next year.
The FMA said it would ask transitional license applicants for information about the types of services and products they dealt with and who was providing advice.
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