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Articles tagged with 'Financial Services Legislation Amendment Bill'

Q Advisor Group sets out licensing stance

13 August 2019 - Q Advisor Group will give advisers the choice of becoming a FAP in their own right or operating under its FAP licence under the new regulatory regime.

FMA boss tells RFAs the clock is ticking and they better hurry up

12 August 2019 - Registered financial advisers have been warned by the regulator that the licensing clock is ticking and they better hurry up if they want to remain in business.

[The Wrap] A true picture of financial advice about to be painted

26 July 2019 - It's been a week of big news, but perhaps the most important development has been an announcement around when advisers can start to enter the transitional licensing process.

Transitional licence not a free ride

26 July 2019 - Transitional licensing will give adviser businesses time to work out how they want to approach the new regime, but no one should expect it to be an easy ride, Financial Advice NZ says.

Here's how licensing will work

25 July 2019 - The Financial Markets Authority will start accepting transitional licence applications on November 4 from advisers wanting to be financial advice providers (FAP) under the new regime.

900 dropping out 'too low'

27 June 2019 - Government estimates that 900 advisers could drop out of the industry as part of the shift to the new legal regime are being described as too low.

Licensing takes on some of code obligations

25 June 2019 - The Financial Markets Authority is consulting on two proposed standard conditions for transitional licensing - and they are things that are currently dealt with by the code of conduct for advisers.

Transitional licensing 'a hurdle for small businesses'

21 June 2019 - Forthcoming limits on new entrants to the industry are predicted to hit small advice firms hardest.

FSLAA starts June 2020

19 June 2019 - Details of licensing requirements for advisers have been released.

FSLAB enters the final straight

3 April 2019 - Parliament has begun the third reading of the Financial Services Legislation Amendment Bill, a key step as the law moves closer for financial advisers.

Faafoi: Tell your clients how you're paid

18 March 2019 - Advisers need to give their clients information about commissions or other advice incentives that have the potential to influence the service they receive, the Commerce Minister says.

Code process drags on

13 March 2019 - Advisers are stuck in a no-man’s land while they wait for more information on the new code of conduct.

MBIE estimates 1733 single-adviser firms in new regime

19 December 2018 - The Ministry of Business, Innovation and Employment (MBIE) has laid out the number of financial advisers it thinks will continue on to hold licenses under the new financial advice regime.

Financial advisers stuck in limbo

22 November 2018 - There seems to have been little action in the past year on the development of the new financial advice regime, one commentator says.

C'mon Minister; Pass the Bill

12 November 2018 - Calls are increasing for Parliament to finally pass the Financial Services Legislation Amendment Bill so advisers can get on with the changes.

'Individual' licence suggestion causes concern

11 October 2018 - [UPDATED, ADDS FMA] Advisers are confused by a Financial Markets Authority directive that a financial advice provider under the new Financial Services Legislation Amendment Bill can be an individual or a business.

FSLAB regime not expected to fully take hold until mid-2022

5 October 2018 - The Ministry of Business, Innovation and Employment has updated the indicative time frames it expects to apply to the new regime for financial advice.

The top regulation questions answered

1 October 2018 - The Financial Markets Authority has released a guide to the questions it says it is asked most commonly about the new regime.

FSLAB gets unanimous support

13 September 2018 - Any advisers who were worried that the Financial Services Legislation Amendment Bill might be set for a last-minute change can relax.

It's time for RFAs to make some noise

18 June 2018 - If you are an RFA and you intend to be a business owner that's more than just a salesperson into the future, you need to make your voice heard, Jon-Paul Hale says.

Changes for RFAs nothing to worry about

6 June 2018 - Regulation and compliance. It is the talk of the town at the moment. However, adviser Jon-Paul Hale explains why he is deeply concerned with the continued attitudes between advisers within the financial services industry,

Dale-Jones: Financial advice different to other professions

16 May 2018 - Financial advice is different from other professions because the skills are not necessarily held by the individual giving the advice, the chairman of the Code Working Group, Angus Dale-Jones says.

Working group signals changes

11 May 2018 - Code working group chairman Angus Dale-Jones says the group is already anticipating changes to the proposals it put forward – including the wording of its “good advice outcomes” directive.

First Financial Advice NZ CEO announced

10 May 2018 - Former National Party MP and chief executive of the Funeral Directors Association, Katrina Shanks, has been named as the first CEO of Financial Advice New Zealand.

Protect advisers, select committee told

9 May 2018 - The select committee considering the Financial Services Legislation Amendment Bill has heard advisers’ concerns that the industry is being “deprofessionalised”.

SiFA: Drop competence standards for nominated reps

7 May 2018 - Nominated representatives working under the new financial advice regime should not be required to meet any qualification standards, one group representing independent advisers has argued.

The Code – issues for advisers (Part One)

17 April 2018 - This commentary looks at the new Code of Conduct and the issues, opportunities and challenges for adviser businesses. It is written by John Berry, a member of the Code Working Group (CWG), in his capacity as a commentator on NZ financial markets and as CEO of Pathfinder.

[GRTV] Special Episode: Minister discusses adviser reforms, commission and KiwiSaver

16 April 2018 - Good Returns TV is pleased to bring you an extended interview with the Minister of Commerce Kris Faafoi. In it he discusses issues with the Code Working Group, the future of commissions, KiwiSaver and churn in the life insurance sector.

[GRTV] Faafoi responds to CWG criticism

16 April 2018 - Commerce and Consumer Affairs Minister Kris Faafoi says he’s made it clear from the outset that small financial advice businesses need to have their voices heard as the new regime is developed.

Warning: Time crunch coming for advice sector

10 April 2018 - Significant upheaval is on its way for the financial advice sector, and advisers aren’t being given enough time to prepare for it.

[Opinion] Four simple steps to a new code

3 April 2018 - Lest anyone think we are always negative, the Board of SIFA wants to put forward a simple alternative framework for the Code development. It merges a submission SIFA has made to the Select Committee on FSLAB with a proposal we had made earlier at a Stakeholder Engagement Group meeting in Wellington.

Insurers: Disclosure rules should help clients

22 March 2018 - Insurers are supportive of stricter disclosure requirements for financial advisers.

Code working group reveals proposals

13 March 2018 - Financial advisers offering financial planning services are set to be expected to operate with a skill level equal to a degree qualification.

Get recruitment processes in order

8 March 2018 - Advice businesses are being told it will be important to get their recruitment processes right under the new legislative regime.

Licensing questions need answers

5 March 2018 - Select committee members considering the Financial Services Legislation Amendment Bill are being urged to provide clarity on entity licensing – in particular, how much risk and liability licensed entities will take on.

Working group raises FSLAB worries

28 February 2018 - The working group developing a new code of conduct for financial advisers has suggested changes to the Financial Services Legislation Amendment Bill (FSLAB).

FSLAB: Still changes to be made, associations argue

26 February 2018 - Financial adviser associations say there’s a risk the Financial Services Legislation Amendment Bill is a step back for professionalisation of the industry.

Disclosure rules will fit the situation: MBIE

23 February 2018 - New disclosure rules for financial advisers will need to be flexible enough to work in a range of situations, the Ministry of Business, Innovation and Employment says.

Get ready for downturn - Bagrie

16 February 2018 - The world is due for another bad economic downturn so people need to be aware of the signals, warns ANZ’s former chief economist Cameron Bagrie.

Who'll still be standing in 12 months' time?

16 February 2018 - David Whyte ponders what lies ahead for financial advisers.

Advice penalties increase

13 February 2018 - Financial advisers face much tougher penalties if they breach the rules under the new regulatory regime.

Adviser numbers could drop 50%: Moore

8 February 2018 - A prediction that adviser numbers could halve over the coming years has been disputed by professional associations.

Client-first rule softened - why?

30 January 2018 - New Zealand rules around advisers’ obligation to put their clients’ interests first have been watered down in the new iteration of the law.

Options emerge for licence-averse advisers

24 January 2018 - One compliance firm is pondering becoming a financial advice provider to help small businesses in new regime.

Exemption grows under FSLAB

23 January 2018 - An exclusion that allowed lawyers and accountants to give financial advice without being caught by the same regulations as financial advisers looks to have been extended under the new rules.

No safe harbour for new advisers

17 January 2018 - Advice firms wanting to recruit new advisers could have a new hurdle once the new regime takes effect.

Stakeholders urged to submit on bill

15 January 2018 - Submitters are working to a tight timeframe to get their views in on the Financial Service Legislation Amendment Bill.

More consultation on Minister's to-do list

19 December 2017 - The Ministry of Business, Innovation and Employment wants to see consultation papers on the regulation of financial advice issued within the first 100 days of this government's term.

Getting to Know: Paul Sewell

15 December 2017 - After a stint in banking, it was a newspaper article that prompted Paul Sewell into financial advice.

Law changes look like Aussie model: Stewart

14 December 2017 - Smaller advice firms could find the new legislative regime is harder to deal with than they expect, if the Australian experience is anything to go by.

Dealer groups prepare for legislation change

13 December 2017 - Dealer groups may have to reconsider their value proposition under the new licensing regime.

The Wrap: Bill gets yes, PAA gets no

8 December 2017 - We weren’t sure it was going to happen this side of the new year but this week the Financial Services Legislation Amendment Bill had its first reading in Parliament.

It's real; Financial adviser reforms are go

7 December 2017 - The Government has pushed the go button for significant reforms to how financial advice is delivered in New Zealand. This evening the Financial Services Legislation Amendment Bill has had its first reading in Parliament and now goes to Select Committee.  

Nikko plots KiwiSaver launch

6 December 2017 - Nikko Asset Management is to launch a KiwiSaver fund offered via roboadvice.

FSLAB gets promotion

4 December 2017 - Despite warnings of a delay for the Financial Services Legislation Amendment Bill, it has been bumped up Parliament’s Order Paper.

Working group outlines new code's principles

1 December 2017 - Investment advisers look unlikely to need to meet higher competence standards under the new code of conduct for the industry.

Advice bill faces year-long delay

30 November 2017 - New rules for financial advisers are likely to be delayed until the end of next year.

DIMS advisers face uncertainty... again

29 November 2017 - He's only been approved to offer personalised DIMS for just over two years, now adviser Alistair Bean faces more uncertainty.

New minister gets into client first debate

27 November 2017 - New Commerce Minister Kris Faafoi says he’s less worried about whether New Zealand has enough financial advisers to cater for the population – and more whether the financial advisers it has are putting their clients first.

A survival guide for financial adviser licensing

21 November 2017 - All financial advisory businesses will begin a mandatory licensing process, but do not fear, the FMA comes in peace, John Berry says. In the first of two-part commentary he shares his views on what to expect and how to prepare for change.

Target on advisers outside associations

7 November 2017 - Advisers who are not members of a professional association risk becoming disengaged or missing out on important information about the upcoming advice regulation overhaul, the Financial Services Council says.

The Wrap: Deadlines for changes clearer (maybe)

27 October 2017 - Since this is the Weekly Wrap we thought we'd try and wrap the week up, highlighting the key news stories and looking ahead to what's happening next week. Read on to see what's on the agenda.

FSLAB could be slower

24 October 2017 - Progress of the Financial Services Legislation Amendment Bill may be slower under the new Labour-led government than it might have been under National.

Aussie robo provider wants to partner with Kiwi advisers

27 September 2017 - An Australian roboadvice platform is planning to enter the New Zealand market early next year and wants to work with local advisers.

Whistle-blowers more exposed under new rules

26 September 2017 - Whistle-blowers are set to lose some of their identity protection when the new financial adviser legislation comes into force.

Warning for would-be providers

6 September 2017 - Advice firms planning to apply for a license as a financial advice provider may need to think twice before they adopt a model that relies on nominated representatives.

Newpark considers being a licensed dealer group

25 August 2017 - New financial adviser regulations may mean groups like Newpark may take responsibility for the advice its members give, but that will come at a cost.

Industry demands details

23 August 2017 - The financial advice sector has been left puzzled by the role of nominated representatives in the new financial advice regime, how they will work for Financial Advice Providers, and how consumers might complain about them, should they need to.

New legislation may give advice industry new life

16 August 2017 - The financial advice industry is well-positioned for growth, if it is willing to make changes.

QFEs get licensing head-start

15 August 2017 - Dealer groups and adviser networks may opt for financial advice provider status (FAP) under the new legislation, but it is expected to be an easier transition for existing qualifying financial entities (QFEs).

Law changes an imperfect improvement

8 August 2017 - Changes made to the Financial Services Legislation Amendment Bill before it was introduced to Parliament have been welcomed by the financial advice sector - but some say they did not go far enough.

Bill won't get through this term - so what?

7 August 2017 - Labour 'can't guarantee' position of support for the Financial Services Legislation Amendment Bill won't change.

Milestone day for financial advice in New Zealand

3 August 2017 - A new bill to replace the Financial Advisers Act was to be introduced on Thursday, Commerce Minister Jacqui Dean announced at the National Advisers Conference.

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Lender Flt 1yr 2yr 3yr
ANZ 5.19 4.19 4.25 4.49
ANZ Special - 3.69 3.75 3.99
ASB Bank 5.20 ▼4.25 ▼4.19 ▼4.39
ASB Bank Special - ▼3.75 ▼3.69 ▼3.89
BNZ - Classic - 3.69 3.75 3.99
BNZ - Mortgage One 5.90 - - -
BNZ - Rapid Repay 5.35 - - -
BNZ - Std, FlyBuys 5.30 4.45 4.35 4.55
BNZ - TotalMoney 5.30 - - -
Credit Union Auckland 5.95 - - -
Credit Union Baywide 6.15 4.95 4.95 -
Lender Flt 1yr 2yr 3yr
Credit Union North 6.45 - - -
Credit Union South 6.45 - - -
Finance Direct - - - -
First Credit Union 5.85 - - -
Heartland 6.70 7.00 7.25 7.85
Heartland Bank - Online - - - -
Heretaunga Building Society 5.75 4.80 4.95 -
Housing NZ Corp ▼5.19 ▼4.29 ▼4.29 ▲4.49
HSBC Premier 5.89 3.79 3.79 3.89
HSBC Premier LVR > 80% - - - -
HSBC Special - - - -
Lender Flt 1yr 2yr 3yr
ICBC 5.65 3.85 3.95 3.89
Kiwibank 5.80 ▼4.30 ▼4.40 4.74
Kiwibank - Capped - - - -
Kiwibank - Offset 5.15 - - -
Kiwibank Special - ▼3.55 ▼3.65 3.99
Liberty 5.69 - - -
Napier Building Society - - - -
Nelson Building Society 5.70 4.69 4.79 -
Resimac 5.30 4.86 4.14 4.19
RESIMAC Special - - - -
SBS Bank 5.29 4.85 5.05 5.49
Lender Flt 1yr 2yr 3yr
SBS Bank Special - 3.78 3.78 3.99
Sovereign ▼5.30 4.35 4.29 4.55
Sovereign Special - 3.85 3.75 4.05
The Co-operative Bank - Owner Occ 5.15 3.79 3.84 3.99
The Co-operative Bank - Standard 5.15 4.29 4.34 4.49
TSB Bank ▲6.09 ▲4.65 ▲4.59 ▲4.85
TSB Special 5.29 ▼3.85 ▼3.79 4.05
Wairarapa Building Society 5.70 4.85 4.99 -
Westpac 5.34 4.69 4.79 5.19
Westpac - Offset 5.34 - - -
Westpac Special - ▼3.69 ▼3.75 ▼3.99
Median 5.50 4.29 4.25 4.19

Last updated: 16 August 2019 8:50am

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