FSLAB jumps up order paper

The Financial Services Legislation Amendment Bill looks set to pass its third reading early next week.

Friday, March 15th 2019, 6:00AM

Kris Faafoi

After Commerce Minister Kris Faafoi told delegates at the FSC’s Navigating Regulation advice roadshow in Wellington this week that he expected to see FSLAB pass within weeks, it moved up the order paper to number six on Thursday.

The house did not get to it before the 6pm adjournment but it is likely to be near the top of the paper when it sits again on Tuesday. Once it passes its third reading it will progress to Royal Assent.

Faafoi said he was not expecting major changes to the bill, which has support from both sides of the House.

It had originally been expected that FSLAB could pass before Christmas.

A supplementary order paper was released on Tuesday, clarifying questions about whether a financial adviser could work for more than one financial advice provider.

In 2017, MBIE confirmed that the bill as it was worded would not prohibit a financial adviser being engaged by more than one financial advice provider.

"MBIE is exploring when and why this might happen in practice (it may not be something financial advice providers would permit). We need to make sure that this won’t give rise to any problems or risks that could run counter to the objectives of the new regime," a spokeswoman said at the time.

Industry commentators had said it would be a good thing because it would allow more flexibility but others pointed out it would create increased regulatory complexity.


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