It's real; Financial adviser reforms are go
The bill has been sent to the Economic Development, Science and Innovation Select Committee. All of the MPs who spoke at the first reading supported it.
Commerce and Consumer Affairs Minister Kris Faafoi said financial advice had an important role to play in New Zealand and good advice could bridge the knowledge gap between consumers and providers.
Consumers needed to be able to rely on the information they got from financial advisers, he said, and high levels of trust were placed in them.
He noted concerns from smaller operators that the new regime could be onerous for them and urged them to make submissions to the select committee stage. That was a theme his colleague, Michael Wood, also picked up – he said advisers were also keen to see a clear differentiation between “sales and service”.
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