Financial service changes passed unanimously

Commerce Minister Simon Power welcomed the unanimous passing today of legislation that simplifies compliance for financial advisers.


The Financial Service Providers (Pre-Implementation Adjustments) Act amends the regulatory framework established under Financial Advisers Act 2008 and the Financial Service Providers (Registration and Dispute Resolution) Act 2008.


"These changes will greatly simplify compliance while still providing a high level of consumer protection," Mr Power said.


"The Government's priority over coming months is to get advisers ready and processed through the registration and authorisation framework as efficiently as possible".


To that end, the Government is aiming to finalise the regulations for the regime, approve the Code of Conduct for Authorised Financial Advisers, and ensure that all systems and processes are in place to ensure that advisers and other financial service providers can begin operating under the regulatory framework as soon as possible.


Mr Power also indicated that now that the bill has been passed it is possible to address concerns raised about the ability for category 2 advisers to seek authorisation.


"The bill enables regulations to be developed to address this issue and I have instructed officials to look at it very closely in order for an announcement to be made within the next few weeks.


"We will continue to do everything to ensure people can work with the registration and authorisation framework.


"But it's now over to the industry to ensure that advisers and providers are ready to embrace the new regime."