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Eqke delays review

05 Dec 2016

The Ministry of Business, Innovation and Employment (MBIE) review of legislation regulating financial advisers including insurance brokers has been delayed.  A reallocation of resources following the Kaikoura earthquakes is the reason behind this latest delay.

Sharon Corbett, Principal Advisor at MBIE announced the delay.

"I previously advised that we would release and consult on an exposure draft of the proposed legislation later this year. Unfortunately the Kaikoura earthquake on November 14 has necessitated the shifting of resources onto the development of emergency earthquake-response legislation."

"Unfortunately I am not in a position to be more specific about timeframes at this stage, but will keep you updated as I know more."

"Alongside consultation on the exposure draft, we will announce the detail on the outstanding policy matters that were not included in Government’s July decisions (this includes transitional arrangements, complementary measures which could address misuse of the Financial Service Providers Register, the membership and proceedings of the Code Committee, and compliance and enforcement tools)."

"We will also consult on the proposed transitional arrangements as we want to ensure they are fit for purpose and give industry the time and means to shift to the new regime whilst also realising the benefits of the new regime as soon as possible."

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