Navigating Regulation

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VIDEO AND AUDIO FROM THE 2019 NAVIGATING REGULATION ADVICE SUMMITS 2019 NOW AVAILABLE INCLUDING MINISTER FAAFOI WELCOME AND PRESENTATION SLIDES
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WELCOME TO THE NAVIGATING REGULATION ADVICE HUB
THE FINANCIAL SERVICES LEGISLATION AMENDMENT BILL
  
The Financial Services Legislation Amendment Bill (FSLAB) is major legislation change that will affect anyone that gives financial advice in New Zealand. There are four key elements to the FSLAB changes being introduced by the New Zealand Government: Code of Conduct, Disclosure, Licensing and Fees & Levies. The changes are designed to improve financial advice for consumers across New Zealand. 

These resources have been designed to keep Financial Advisers up-to-date on the legislation and provide support to prepare for the changes ahead, and will be updated regularly. Sign-up below to receive updates to your inbox or follow us on twitter.

More information can be found on the Financial Markets Authority (FMA) and the Ministry of Business, Innovation and Employment (MBIE) websites.
TIMELINE AND SUMMARY OF THE BILL

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See the detailed timeline on the MBIE website
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THE FINANCIAL SERVICES LEGISLATION AMENDMENT BILL (FSLAB)

> Anyone providing regulated financial advice must be engaged by a financial advice provider who is licensed by the FMA (by Q2 2020, estimated); 

> Financial advice providers are liable for the advice, and financial advisers are liable to the Financial Advice Disciplinary Committee; 

> All financial advice must meet duties provided in the Bill (from Q2 2020, estimated). 
SUMMARY
Click the icons below to read the update, watch the video via YouTube or listen on your device

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NAVIGATING REGULATION 2019 - MINISTER FAAFOI
WELCOME | Q&A

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NAVIGATING REGULATION 2019 UPDATE

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CODE OF CONDUCT

> The draft Code of Conduct is available now;

> The final Code of Conduct must be approved by the Minister of Commerce;

> Standards of ethical behaviour, conduct and client care;

> General competence is Level 5 Certificate or AFA status, with safe harbour until Q2 2022 (estimated).
SUMMARY
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NAVIGATING REGULATION 2019 UPDATE

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DISCLOSURE

> The Ministry of Business, Innovation and Employment (MBIE) consulted about disclosure in May 2018;

> MBIE suggested the regulations would tell advisers what to disclose and when to disclose it, but not how to disclose it;

> We await draft regulations.
SUMMARY
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NAVIGATING REGULATION 2019 UPDATE

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LICENSING

> Financial advice providers must obtain a transitional licence between Q4 2019 and Q2 2020 (estimated); 

> Full licence applications expected to open Q2 2020 (estimated); 

> We await details of licence criteria from the Financial Markets Authority.
SUMMARY
Click the icons below to read the update, watch the video via YouTube or listen on your device

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NAVIGATING REGULATION 2019 UPDATE

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FEES AND LEVIES

> Transitional licence $363 plus $39 per authorised body;
 
> Full licence $575-$885, plus $155 per authorised body and $155/hour for complex cases; 

> Annual levy for financial advice providers $230, plus $267 per financial adviser, $179 per nominated representative, $1,106 for automated advice.
SUMMARY
Click the icons below to read the update, watch the video via YouTube or listen on your device

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NAVIGATING REGULATION 2019 UPDATE

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NAVIGATING REGULATION ADVICE SUMMITS
Watch the 2019 Navigating Regulation Advice Summit or view the slides from the event.
 

Watch the 2017 Navigating Regulation Advice Summit
 
NAVIGATING REGULATION MESSAGES
The Financial Services Council publishes regular updates about future changes coming to financial advice regulation. The FSC’s goal is to highlight key things Financial Advisers need to know about the Financial Services Legislation Amendment Bill (FSLAB), its regulations and the Code of Conduct for Financial Advice.

2019
> FSC Navigating Regulation Message Ten - Launching the FSC Advice Regulation Hub
FSC Navigating Regulation: Message Nine - Have your say on licensing fees and levies
 
2018
FSC Navigating Regulation: Message Eight - Invitation to the Navigating Regulation Advice Summits in 2019
FSC Navigating Regulation: Message Seven - Have your say on the draft Code of Conduct
FSC Navigating Regulation: Message Six - The FSLAB regime is full steam ahead
FSC Navigating Regulation: Message Five - More things you can do now
FSC Navigating Regulation: Message Four - What can I do now?
FSC Navigating Regulation: Message Three - MBIE released a consultation document about disclosure
FSC Navigating Regulation: Message Two - The Code Working Group seeks submissions about the Code of Professional Conduct for Financial Advice Services.
FSC Navigating Regulation: Message One - Welcome to Navigating Regulation
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About Us

The Financial Services Council is a non-profit member organisation and the voice of the financial services sector in New Zealand. Learn more
     

Contact Us

+64 (09) 985 5762
fsc@fsc.org.nz
Level 33, ANZ Centre
23-29 Albert Street
Auckland 1010
New Zealand