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Licensing won't start until next year

It is expected that the new financial advice regime will not begin until March at the earliest.

Thursday, March 26th 2020, 6:55PM

Financial Advice New Zealand chief executive Katrina Shanks said advisers would be given until next year – and probably at least until March – to get their new transitional licences.

The date will be advised later.

The new code of conduct will also come into force at the same time.

“This is exactly the right decision,” Shanks said.

“This will give members the breathing space to concentrate on advising and supporting clients through the implications of the current volatile markets.

“It’s great also that advisers who have already registered will not have to do so again. We all acknowledge the workload the Government is facing right now in these rapidly changing times, and it’s good to see that among all that’s going on financial advisers and the work we do is an important consideration.

“We encourage advisers to continue to work towards applying for their licence.”

Financial Advice NZ last week wrote to Commerce and Consumer Affairs Minister Kris Faafoi, FMA chief executive Rob Everett, and MBIE asking for a delay to transitional licensing until next year so advisers could focus on supporting clients through the implications of volatile markets; insurance support and advocacy; and mortgage advice – without the distractions the licensing process entails.

Tags: Financial Advice New Zealand financial advisers Financial Services Legislation Amendment Act Financial Services Legislation Amendment Bill Katrina Shanks licensing

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AIA Special - 3.05 3.39 3.69
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ASB Bank Special - 3.05 3.39 3.69
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Credit Union South 5.65 4.75 4.75 -
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Heartland Bank - Online - - - -
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HSBC Premier LVR > 80% - - - -
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Kiwibank 4.40 3.84 4.14 4.40
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Last updated: 31 March 2020 8:55am

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