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Issues paper on FAA review out

Commerce Minister Paul Goldsmith has released for discussion an Issues Paper 

Tuesday, May 26th 2015, 10:16AM

Commerce and Consumer Affairs Minister Paul Goldsmith released an Issues Paper for public consultation today, as part of a review aimed at improving financial advice legislation.

“The Government is reviewing the Financial Advisers Act and the Financial Service Providers Act, which aim to increase consumer confidence in financial advisers and the advice they give, so that people can make informed investment decisions,” Mr Goldsmith says.

“We are asking all stakeholders including those working in the financial advice sector, and consumers, key questions such as whether people feel they have access to good quality financial advice and if they understand how advisers are regulated.

“We also want to find out whether the complexity of the regulations has prevented people from considering advice. And we also ask if compliance costs have made advice less accessible,” he says.

The Issues Paper seeks feedback on these and a number of other key themes including:

·         Do people know how to find a financial adviser that suits their needs?
·         Should there be a clearer distinction between financial advice and sales?
·         Can the professional, ethical and education standards for advisers be improved?
·         How can we facilitate access to advice in the future?
·         Should improvements be made to the Financial Service Provider Register? How can we avoid misuse of the Register by overseas entities?

Goldsmith says: "It’s important that Government understands the industry’s perspective and the needs and expectations of consumers when seeking financial advice."

Consultation on the Issues Paper closes on July 22.

A second document will be released towards the end of 2015, which will recommend possible changes to the regulatory regime.

You can download the Issues Paper here

Tags: financial advisers Financial Advisers Act

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Lender Flt 1yr 2yr 3yr
AIA 4.55 3.19 3.19 3.49
AIA Special - 2.69 2.69 2.99
ANZ 4.44 3.15 3.25 3.85
ANZ Special - 2.65 2.75 3.35
ASB Bank 4.45 3.19 3.19 3.49
ASB Bank Special - 2.69 2.69 2.99
Bluestone 4.44 4.44 4.44 4.44
BNZ - Classic - 2.65 2.69 2.99
BNZ - Mortgage One 5.15 - - -
BNZ - Rapid Repay 4.60 - - -
BNZ - Std, FlyBuys 4.55 3.25 3.29 3.59
Lender Flt 1yr 2yr 3yr
BNZ - TotalMoney 4.55 - - -
China Construction Bank 4.49 4.70 4.80 4.95
China Construction Bank Special - 2.65 2.65 2.80
Credit Union Auckland 5.45 - - -
Credit Union Baywide 5.65 4.75 4.75 -
Credit Union South 5.65 4.75 4.75 -
First Credit Union Special 5.85 3.35 3.85 -
Heartland 3.95 2.89 2.97 3.39
Heartland Bank - Online - - - -
Heretaunga Building Society 4.99 4.35 4.45 -
HSBC Premier 4.49 2.60 2.65 2.80
Lender Flt 1yr 2yr 3yr
HSBC Premier LVR > 80% - - - -
HSBC Special - - - -
ICBC 3.99 2.58 2.68 2.79
Kainga Ora 4.43 3.29 3.39 3.85
Kiwibank 3.40 3.40 3.54 4.00
Kiwibank - Capped - - - -
Kiwibank - Offset - - - -
Kiwibank Special 3.40 2.65 2.79 3.25
Liberty 5.69 - - -
Nelson Building Society 4.95 3.45 3.49 -
Pepper Essential 4.79 - - -
Lender Flt 1yr 2yr 3yr
Resimac 3.49 3.45 3.39 3.69
SBS Bank 4.54 3.29 ▼3.19 ▼3.49
SBS Bank Special - 2.79 ▼2.69 ▼2.99
The Co-operative Bank - Owner Occ 4.40 2.79 2.79 3.39
The Co-operative Bank - Standard 4.40 3.29 3.29 3.89
TSB Bank 5.34 3.59 3.49 3.79
TSB Special 4.54 ▼2.65 2.69 2.99
Wairarapa Building Society 4.99 3.75 3.99 -
Westpac 4.59 4.15 4.09 4.49
Westpac - Offset 4.59 - - -
Westpac Special - ▼2.65 2.69 2.79
Median 4.55 3.22 3.22 3.44

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