Change to the start of the new financial advice regulatory regime

Commerce and Consumer Affairs Minister, Hon Kris Faafoi, has agreed that the start of the new financial advice regulatory regime, set out in the Financial Services Legislation Amendment Act 2019 (FSLAA), would be delayed from 29 June 2020 to early 2021, due to the disruptions caused by COVID-19.

The transitional licensing application window will be extended until the same date in early 2021 and the new Code of Professional Conduct for Financial Advice Services will also come into force on that date. This will allow financial service providers time to focus on supporting their staff and customers.

Those who have already had licences approved or who have already submitted a transitional licensing application will not need to reapply.

The existing regime under the Financial Advisers Act 2008 will continue to apply until a date is set for the new regime to commence. The new Code of Professional Conduct for Financial Advice Services will come into force on the same date.

Disclosure regulations that were due to be made this month will also be delayed so that the commencement dates of those regulations can be updated.

If you need more information

Due to ongoing disruptions caused by COVID-19, our contact centre is experiencing extremely high call volumes. Rather than calling, please check the FSLAA section of our website, we will be updating this as more information becomes available.

Financial Services Legislation Amendment Act (FSLAA)

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