Change coming for KiwiSaver advice
At the moment, a number of advisers are able to offer assistance with KiwiSaver as RFAs by offering only class advice.
But under the new rules, class advice will no longer be an option and all advisers will need appropriate qualifications for the services they offer.
A Financial Markets Authority spokesperson said any adviser relying on the two-year competency exemption from June 29 this year would be able to continue to give class advice until June 2022.
The competency exemption applies to any adviser operating under the current regime who obtains a transitional or full licence under the new regime.
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