What's happening with the new financial advice regime, and when

The new financial advice regime will come into effect on 29 June 2020

Now is the time for you to familiarise yourself with the requirements. You can learn more about the timeframes involved on the Ministry of Business, Innovation & Employment (MBIE) website.

What’s changing?

The new regime seeks to ensure that financial services are provided in a way that promotes greater confidence and more informed participation.

To achieve this goal, some key changes in the new regime include:

  • A Code of Conduct that introduces new standards of competence and professional conduct.
  • New requirements that ensure the interests of clients comes first.
  • The removal of the distinctions between class and personalised advice.
  • The removal of the categories of Authorised Financial Advisers (AFAs), Registered Financial Advisers (RFAs), and Qualifying Financial Entities (QFEs).
  • New requirements for registration on the Financial Service Providers Register (FSPR), to prevent its misuse.

Last updated 25 November 2019