Navigating Regulation

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WELCOME TO THE NAVIGATING REGULATION ADVICE HUB
THE FINANCIAL SERVICES LEGISLATION AMENDMENT ACT
  
The Financial Services Legislation Amendment Act (FSLAA) is major legislation change that will affect anyone that gives financial advice in New Zealand. There are four key elements to the FSLAA 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

FSLAA TImeline Updated 25102019-882
 
See the detailed timeline on the MBIE website
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THE FINANCIAL SERVICES LEGISLATION AMENDMENT ACT (FSLAA - formerly FSLAB)

> Anyone providing regulated financial advice must be engaged by a financial advice provider who is licensed by the FMA, by 29 June 2020; 

> 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 Act, from 29 June 2020. 
 
SUMMARY
Click the icons below to read the update, watch the video via YouTube or listen on your device

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CODE OF CONDUCT

> The final Code of Professional Conduct for Financial Advice Services is available now;

> All financial advice must comply with the standards of ethical behaviour, conduct and client care from 29 June 2020;

> General competence is Level 5 Certificate or AFA status, with safe harbour until 29 June 2022.
SUMMARY
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DISCLOSURE

> The Ministry of Business, Innovation and Employment (MBIE) released draft disclosure regulations on 10 October 2019;

> The regulations require specified information to be disclosed:
> publicly, such as on your website; 
> when you know the nature and scope of advice, such as in your scope of engagement document;
> when you give financial advice, such as in your statement of advice document; and
> when you receive a complaint.
SUMMARY
Click the icons below to read the update, watch the video via YouTube or listen on your device

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LICENSING

> Financial advice providers must obtain a transitional licence between 25 November 2019 and 29 June 2020; 

> Full licence applications will open 29 June 2020; 

> 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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FEES AND LEVIES
On 21 October 2019, fees and levies for the FSLAA regime were passed by Order in Council:

> Transitional licensing fees of $405+GST per financial advice provider (additional fees per authorised body, and for variations). 

> Full licensing fee starts between $612+GST (sole adviser business) and $922+GST (financial advice provider with nominated representatives) plus fees for authorised bodies and hourly rates for complex cases. 

> Annual levies of $225+GST per financial advice provider, $265+GST per financial adviser, $179+GST per nominated representative, $737+GST for advice directly from the financial advice provider, and $460+GST per authorised body in the licence. 
 
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 ADVICE SUMMITS
Watch the full video from the February 2019 Navigating Regulation Advice Summit, the sections of the summit relevant to each area of FSLAA or view the slides from the event.
 
 

MINISTER FAAFOI WELCOME and Q&A

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FSLAA

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CODE OF CONDUCT

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DISCLOSURE


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LICENSING


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FEES AND LEVIES

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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 Fifteen - Draft disclosure regulations Exposure Draft and discussion paper are out - have your say!
> FSC Navigating Regulation Message Fourteen - FMA Roadshow in August and September 
> FSC Navigating Regulation Message Thirteen - Conduct of Financial Institutions Options Paper
> FSC Navigating Regulation Message Twelve - Code of Professional Conduct for Financial Advice Services Approved
> FSC Navigating Regulation Message Eleven - FSLAB passes Third Reading and Royal Assent
> 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

We endeavour to consolidate all of the changes applicable to financial advisers into the Navigating Regulation home and sub-pages. If you find any errors, please contact us and read our disclaimer
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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