Hundreds offer FAA review input

Hundreds of people have made their views on the Financial Advisers Act heard.

Monday, October 12th 2015, 6:00AM

by Susan Edmunds

A Ministry of Business, Innovation and Employment spokeswoman said it had received 164 submissions in response to the recent issues paper, from organisations and individuals.

Another 249 people responded to the shorter consumer brochure the Ministry put out.

“We also received a large amount of feedback from interested groups during workshops and meetings,” she said.

It is expected that an options paper will be released next month.

Final recommendations must be made to the Commerce Minister by the middle of next year.

Industry participants have praised MBIE for its willingness to consult on the review. It allowed 18 months for the review process from start to finish.

It has been holding a range of meetings with industry groups and has had staff visiting financial advice firms.

The MBIE spokeswoman said it was now going through a process of meeting people who had made submissions and talking through them in more detail.

“We are now developing potential policy options that will respond to the issues identified in the first round of consultation,” she said.

“We are aiming to release the options paper later this year and will continue to meet with stakeholders throughout the consultation period to get feedback on the range of potential options.”

FMA chief executive Rob Everett has indicated the review is a priority for his organisation.

He said it was a once-in-a-generation chance for the advice industry to get the regulation right.

Tags: Financial Advisers Act MoBIE