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Start date for regime unlikely to change again

New lockdown restrictions are unlikely to push out the start of the new financial advice regime.

Friday, August 21st 2020, 5:00AM

The FSLAA regime was originally intended to take effect in the middle of this year.

It requires that anyone who is providing personalised financial advice is either a licensed financial advice provider, or is working for one.

It also introduces a code of conduct for all financial advisers.

When Covid-19 hit New Zealand in March and the country was put into level four lockdown, the implementation date was pushed back, to allow under-pressure businesses more time to adjust.

It is now set to take effect on March 15.

A spokesman for the Ministry of Business, Innovation and Employment said the start date was not expected to change again.

Auckland is half-way through two weeks at alert level three, and the rest of the country is at alert level two.

The FMA said earlier this month that entities representing 16,000 advisers had applied for a transitional licence.

Tags: FMA FSLAA licensing lockdown new regime

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AIA - Back My Build 6.19 - - -
AIA - Go Home Loans 8.74 7.14 6.75 6.39
ANZ 8.64 7.74 7.39 7.25
ANZ Blueprint to Build 7.39 - - -
ANZ Good Energy - - - 1.00
ANZ Special - 7.14 6.79 6.65
ASB Bank 8.64 7.14 6.75 6.39
ASB Better Homes Top Up - - - 1.00
Avanti Finance 9.15 - - -
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Lender Flt 1yr 2yr 3yr
BNZ - Classic - 7.14 6.79 6.65
BNZ - Green Home Loan top-ups - - - 1.00
BNZ - Mortgage One 8.69 - - -
BNZ - Rapid Repay 8.69 - - -
BNZ - Std, FlyBuys 8.69 7.74 7.39 7.25
BNZ - TotalMoney 8.69 - - -
CFML Loans 9.45 - - -
China Construction Bank - 7.09 6.75 6.49
China Construction Bank Special - - - -
Co-operative Bank - First Home Special - 6.79 - -
Co-operative Bank - Owner Occ 8.40 6.99 6.79 6.65
Lender Flt 1yr 2yr 3yr
Co-operative Bank - Standard 8.40 7.49 7.29 7.15
Credit Union Auckland 7.70 - - -
First Credit Union Special - 7.45 7.35 -
First Credit Union Standard 8.50 7.99 7.85 -
Heartland Bank - Online 7.99 6.89 6.55 6.35
Heartland Bank - Reverse Mortgage - - - -
Heretaunga Building Society 8.90 7.60 7.40 -
HSBC Premier 8.59 - - -
HSBC Premier LVR > 80% - - - -
HSBC Special - - - -
ICBC 7.85 7.05 6.69 6.59
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Kainga Ora 8.64 7.79 7.39 7.25
Kainga Ora - First Home Buyer Special - - - -
Kiwibank 8.50 7.99 7.79 7.55
Kiwibank - Offset 8.50 - - -
Kiwibank Special - 6.99 6.79 6.65
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Nelson Building Society 9.00 ▼7.65 ▼7.25 -
Pepper Money Advantage 10.49 - - -
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Pepper Money Essential 8.29 - - -
Resimac - LVR < 80% ▼8.59 ▲8.49 ▲7.99 ▲7.59
Lender Flt 1yr 2yr 3yr
Resimac - LVR < 90% 9.84 9.09 8.59 8.29
Resimac - Specialist Clear (Alt Doc) - - 8.99 -
Resimac - Specialist Clear (Full Doc) - - 9.49 -
SBS Bank 8.74 7.74 7.29 6.59
SBS Bank Special - 7.14 6.69 5.99
SBS Construction lending for FHB - - - -
SBS FirstHome Combo 6.19 6.14 - -
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SBS Unwind reverse equity 9.95 - - -
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TSB Special 8.64 6.99 6.75 6.65
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Westpac 8.64 ▼7.84 7.35 ▼6.99
Westpac Choices Everyday 8.74 - - -
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Median 8.64 7.19 7.27 6.65

Last updated: 27 May 2024 11:10am

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