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Financial advisers stuck in limbo

There seems to have been little action in the past year on the development of the new financial advice regime, one commentator says.

Thursday, November 22nd 2018, 6:00AM 2 Comments

The sector is waiting for several pieces of work to be finalised:

The Financial Services Legislation Amendment Bill is yet to be passed, although it has been suggested that this could still happen by the end of the year.

The code of conduct is still in draft form, with further tweaks and targeted consultation still to happen. It was potentially due to be given to the Commerce Minister by the end of the year but now won't reach him until next year.

The Ministry of Business, Innovation and Employment is still working on regulations to govern adviser disclosure requirement. These had been expected in the final quarter of 2018 but now will not be delivered until 2019.

The Financial Markets Authority is determining its licensing requirements.

SiFA spokesman Murray Weatherston, who has been an outspoken commentator throughout the process, said it was hard to see why some aspects of the work were taking so long.

"Is anybody other than us worried or concerned about how long it is taking for these regulations to see the light of day? If there have been any consultations happening over the last six months, it certainly hasn't involved us. Maybe there hasn't been anything happening, or maybe we are continuing to be treated like mushrooms. If there has been ongoing consultation, who has it been with?"

He said it seemed there had been little progress made on the transition to the new regime in the last year.

Weatherston said that might be because of a lack of political impetus.

"Whose prints can you see all over the legislation? The answer is no one's. There's lip service been paid about the consumer but there is no one in a hurry to do anything about it."

Meanwhile, the industry was left waiting for news about what would be required, he said.

Tags: Financial Services Legislation Amendment Bill Murray Weatherston

« Apprenticeship model possible under new regimeMann on a mission to diversify financial advice »

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Comments from our readers

On 22 November 2018 at 10:12 am Murray Weatherston said:
Before anyone thinks I have totally lost my marbles, the specific consultations I was referring to in the piece quoted beside the advert are the disclosure regulations - see my comment on the story headed "Disclosure regulations next year".
On 23 November 2018 at 5:29 pm JPHale said:
:) no question there Murray, we can hear them rolling around! Have a great weekend!

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