Faafoi reassures advisers about the future

He acknowledged, at the Get in Shape Advice Summit, that he had heard "loud and clear" that a lot of change had been forced on the sector.

Faafoi says he wants to "finish and tidy up" the FSLAA this year along with some tweaks to the CCCFA. The other big issue was to get proposed new conduct legislation through Parliament by the end of the year. The CoFI bill is expected to have its first reading in Parliament later this week.

The conduct regulations were about bringing banks and insurers up to the same standards that financial advisers already have to adhere to. 

Faafoi says if he is the Minister of Commerce after the election later this year he plans to focus on financial literacy.