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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 4.55 2.55 2.69 2.79
ANZ 4.44 3.15 3.25 3.39
ANZ Special - 2.55 2.69 2.79
ASB Bank 4.45 2.55 2.69 2.79
Bluestone 3.49 3.49 3.49 3.49
BNZ - Classic - 2.55 2.69 2.79
BNZ - Mortgage One 5.15 - - -
BNZ - Rapid Repay 4.60 - - -
BNZ - Std, FlyBuys 4.55 3.15 3.29 3.39
BNZ - TotalMoney 4.55 - - -
CFML Loans 4.95 - - -
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China Construction Bank 4.49 4.70 4.80 4.95
China Construction Bank Special - 2.65 2.65 2.80
Credit Union Auckland 5.45 - - -
Credit Union Baywide 5.65 3.95 3.85 -
Credit Union South 5.65 3.95 3.85 -
First Credit Union Special 5.85 2.95 3.45 -
Heartland 3.95 2.89 2.97 3.39
Heartland Bank - Online - - - -
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HSBC Premier 4.49 2.45 2.60 2.65
HSBC Premier LVR > 80% - - - -
Lender Flt 1yr 2yr 3yr
HSBC Special - - - -
ICBC 3.69 ▼2.45 2.65 2.79
Kainga Ora 4.43 2.93 3.07 3.24
Kiwibank 3.40 3.30 3.54 3.54
Kiwibank - Offset 3.40 - - -
Kiwibank Special 3.40 2.55 2.79 2.79
Liberty 5.69 - - -
Nelson Building Society 4.95 3.45 3.49 -
Pepper Essential 4.79 - - -
Resimac 3.39 3.35 2.99 3.35
SBS Bank 4.54 3.05 3.19 3.25
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SBS Bank Special - 2.55 2.69 2.75
The Co-operative Bank - Owner Occ 4.40 2.55 2.69 2.79
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Median 4.55 3.00 3.13 3.02

Last updated: 21 September 2020 10:48am

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