Milestone day for financial advice in New Zealand

“It is a milestone day in terms of financial advice,” the Minister of Commerce and Consumer Affairs, Jacqui Dean, told delegates at the National Adviser Conference in Auckland.

The Financial Services Legislation Amendment Bill is a package of changes to the regulation of financial advice following the review of the Financial Advisers Act.

“The changes introduce an even playing field of conduct and competence duties across the industry, and remove the legislative barriers around advice.”

She says the review of the Financial Advisers Act has been a comprehensive process and it help clarify where there had been “unintended consequences in practice.”