The Financial Services Legislation Amendment Act 2019 (the Act), which recently became law, aims to improve access to quality financial advice for all New Zealanders.
It requires changes to the way financial advice is regulated and delivered, and introduces new classifications and a new code of conduct for financial advice providers.
If you’re a business or individual offering financial advice these changes will likely affect you.
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What's happening, when and why
The new financial advice regime will come into effect in June 2020, and the exact date will be shared in the coming months.
Learn more about this new regime and when changes are coming -
Who can give advice, and how
Anyone in the business of giving financial advice to retail clients will now need to be engaged by a ‘financial advice provider’, licensed by the Financial Markets Authority.
How the new financial regime may affect you or your business -
What's changing for advisers
Under the new regime, advice can only be provided by, or on behalf of, a financial advice provider licensed by the Financial Markets Authority (FMA).
Learn what changes the new regime introduces for advisers -
What you need to do
What you need to do to prepare for the new regime depends on how you or your business wants to be structured.
Find out what you may need to do in the new regime -
How to apply for a transitional licence
A guide for individuals and businesses applying for a transitional licence.
Learn about applying for a transitional licence -
Sole adviser levy relief
The Financial Markets Authority is offering a levy relief for some sole advisers.
Find out if you and your company are eligible
Last updated 12 November 2019