The new financial advice regime set out in the Financial Services Legislation Amendment Act 2019 (FSLAA) will come into force on 15 March 2021, the Government has confirmed. This follows the earlier announcement of its delay from 29 June 2020, to allow the sector to focus on helping clients through the impacts of COVID-19.
Regulations setting the disclosure requirements for the new financial advice regime have now also been confirmed.
The window for transitional licensing has been extended until 15 March 2021. Those who have had licences approved by the Financial Markets Authority (FMA) or who have submitted a transitional licensing application do not need to reapply.
In the meantime, the Financial Advisers Act 2008 will continue to apply until the commencement of the new financial advice regime.