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.
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