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FSLAB gets promotion

Despite warnings of a delay for the Financial Services Legislation Amendment Bill, it has been bumped up Parliament’s Order Paper.

Monday, December 4th 2017, 6:00AM 1 Comment

by Susan Edmunds

Last Tuesday, the bill sat at 21 on the list of business before the house, behind laws changing parental leave, trusts structures and food safety rules.

But for tomorrow, the bill's first reading has been pushed up to number eight – overtaking several iwi claims settlement bills.

Last week, advisers were told it might be the end of next year before FSLAB became law. The new government has a focus on housing, health and education for its first 100 days of work.

Sharon Corbett, principal policy adviser at the Ministry of Business, Innovation and Employment, indicated there was still political will to see it passed.

“The Minister of Commerce and Consumer Affairs has signalled he’s committed to ensuring consumers can access good quality financial advice. He has also said he understands the importance of enacting change in this area,” she said.

“And he is keen to work with the industry to ensure any next steps are both workable for the sector and directly supporting consumers to get the advice they need.”

Originally, the former government had sought to introduce the bill by early August with a view to passing it by the end of the year.

Minister of Commerce and Consumer Affairs Kris Faafoi said he was aware that there were concerns FSLAB could create an uneven playing field that could make business tougher for small firms.

He said he was consulting with the industry to come to grips with the issues.

Tags: financial advisers Financial Services Legislation Amendment Bill FSLAB Kris Faafoi MoBIE

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Comments from our readers

On 7 December 2017 at 6:40 pm Murray Weatherston said:
Bill passed its first reading tonight around 5.55pm. Labour speakers used up all their allotted time; most of the rest not.
Sent to Economic development Science and Innovation Select Committee
Chris Finlayson (Nat) said Bill required solely because of David Ross ponzi scheme. (Would have thought a former Att-Gen would want better reasons but maybe he and/or some of his friends had suffered?) Another Nat speaker suggested the pain from same cause in southern North Island.
Tamati Coffey looked like had written his own notes - he thanked Code Working Group members individually but somehow seemed to think that they had finished their work; rest of labour members all had pre-prepared speeches (typedn for them by MBIE they were so adulatory?) though last speaker Willie Jackson somewhat lost the plot in his ramble.
Everyone claimed credit - Labour because 2008 Act done under Labour's watch; National because the Bill was a national bill.
A couple of labour speakers mentioned the small end of town - hope concern is real. Michael Wood talked about sales and service when I think he thought he meant sales and advice.
Lot's of excitement about robo - but I guess they don't know most successful robo services are sales pitches either for the operators' own funds or their own platforms.
First impression - don't expect too much support for major change at Select Committee

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