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FAA review timeline set out

A timeline for the review of the Financial Advisers Act has been revealed, and there are concerns that it will be too long and drawn-out a process.

Friday, February 20th 2015, 6:00AM

by Susan Edmunds

The process of implementing 2008 Financial Advisers Act  was complicated.

It required several Supplementary Order Papers and an unusual 11th hour “Pre-Implementation Adjustments Bill” before it came into force in 2011. Partly as an acknowledgement of the risks involved in such a process, a  clause was inserted promising a review of the Act by the Ministry of Business, Innovation and Employment within five years of its commencement.
That is scheduled to get under way this year.

A Ministry of Business, Innovation and Employment spokesperson confirmed the expected timeline of the review for Good Returns.

The reviews terms of reference will be published next month, when they have been approved by Cabinet.

An issues paper is expected to be out for public consultation in May, followed by an options paper late this year.

Final recommendations must be made to the Commerce Minister by July 1 next year.“The terms of reference will provide some more detail on this timeline,” the spokeswoman said.

Industry commentator Russell Hutchinson said it seemed that officials were dragging their feet on the review and would likely end with neither the FMA nor the industry getting what it wanted from it. “Every time I hear something about the FAA review it seems to be another indication that the Government doesn’t give a damn about it.”

He said it seemed the Government wanted to take its time over the review. “If anything happens this year I’ll be amazed.”

But Claire Matthews, of Massey University, said the timeline was acceptable.

“While the timeframe seems quite long, I actually think it's reasonable.  The Act has not really been in place for that long, only becoming fully effective in 2011.  In addition, I think it is better that MBIE takes more time and does a more thorough review.  A shorter timeframe would likely mean a more rushed, less extensive review.  The key really is the Terms of Reference, because that sets the foundation for the review.  The issues paper will also be of interest.”

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