Legislation that will overhaul the rules governing financial advice has been introduced to Parliament but is unlikely to pass before the election.

The Financial Services Legislation Amendment Bill is a package of changes that introduces financial adviser obligations into the Financial Markets Conduct Act.

Former FMA regulatory boss and lawyer Sue Brown said, because it was only at the first reading stage, there was a lot of parliamentary process to work through before it was passed.

"It's cutting it a bit fine to get through before Parliament rises before the election in the middle of August."

She said she expected the Ministry of Business, Innovation and Employment to look at the transition timetable if amendments had to wait until after the election.

MBIE had signalled that the new code of conduct should be approved by mid next year and transitional licensing would open in November 2018.

Bradley Kidd, of Chapman Tripp said he did not think it was the intention to get the bill through before the election.

If it does not pass in this parliamentary term, a new government could mean changes to the bill, or a lack of support for it to  become law.

Kidd said that was not a big concern.

"Historically legislation in this area has generally had support across the whole House, and I'd be surprised if that changes. But never say never."

Labour Party lead press secretary Phil Reed said his party would support the bill at this stage, if it were to form the next government.

"At this stage we’d support to committee, remains to be seen what we’d do after that. Early days, and given the events of this week I can’t guarantee our position won’t change in the interim."