Analysis of new Adviser Bill
15 Aug 2017
DLA Piper have produced an analysis of the new Financial Services Legislation Amendment Bill introduced to Parliament on the 3rd August 2017.
The financial services industry has been waiting with bated breath (given the upcoming General Election) for the introduction of the Financial Services Legislation Amendment Bill (Bill), which was introduced to Parliament on 3 August 2017. This Bill follows an exposure draft (Exposure Draft) released for consultation earlier this year. The Bill overhauls the existing Financial Advisers Act 2008 regime (FAA Regime) and at a high level its changes include:
- Bringing financial adviser regulation into the Financial Markets Conduct Act 2013 (FMC Act).
- Creating new types of financial advisers.
- Removing distinctions between class and personalised advice and between category one and category two products.
- Requiring providers of financial advice to be licensed (at a firm level).
- Introducing a new Code of Conduct which will apply to everyone providing financial advice.
- Allowing the provision of robo/digital advice.
- Requiring registered financial service providers to have a stronger connection to New Zealand.
The DLA Piper update focuses on the differences between the Exposure Draft and the Bill as introduced to Parliament and some of the aspects you need to be aware of as we continue to digest it further.
A copy of the full update is available HERE