Navigating Regulation

hey
NR19-Hero 
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

20190624-ATWG TImeline Update
 
See the detailed timeline on the MBIE website
NR19-FSLAB
 
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 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

NR19-FSLABRead-42 NR19-FSLABWatch-827 NR19-FSLABListen-775 
Read Watch | Listen

NAVIGATING REGULATION FEBRUARY 2019 - MINISTER FAAFOI
WELCOME | Q&A

NR19-FSLABWatch-827 NR19-FSLABListen-775  |  NR19-FSLABWatch-827 NR19-FSLABListen-775 
Watch | Listen |  Watch | Listen

NAVIGATING REGULATION FEBRUARY 2019 UPDATE

NR19-FSLABWatch-827 NR19-FSLABListen-775 
Watch | Listen
NR19-CodeofConduct-567
 
CODE OF CONDUCT

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

> The final Code of Conduct has been 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
Click the icons below to read the update, watch the video via YouTube or listen on your device

NR19-CCRead-42 NR19-CCWatch-827 NR19-CCListen-775
Read Watch | Listen

NAVIGATING REGULATION FEBRUARY 2019 UPDATE

NR19-CCWatch-827 NR19-CCListen-775
Watch | Listen
NR19 - Disclosure-245
 
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 (if) you receive a complaint.
SUMMARY
Click the icons below to read the update, watch the video via YouTube or listen on your device

NR19-DiscRead-42 NR19-DiscWatch-827 NR19-DiscListen-775
Read Watch | Listen

NAVIGATING REGULATION FEBRUARY 2019 UPDATE

 NR19-DiscWatch-827 NR19-DiscListen-775
Watch | Listen
NR19-License-791
 
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

NR19-LicenceRead-42 NR-LicenceWatch-260 NR19-LicenceListen-775
Read Watch | Listen

NAVIGATING REGULATION FEBRUARY 2019 UPDATE

NR-LicenceWatch-260 NR19-LicenceListen-775
Watch | Listen
NR19-FeesLevies-890
 
FEES AND LEVIES
On the 19 June 2019, MBIE released the details on fees and levies for the FSLAA regime (excluding GST):

> 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 per financial advice provider, $265 per financial adviser, $179 per nominated representative, $737 for advice directly from the financial advice provider, and $460 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

NR19-FeesRead-626 NR19-FeesWatch-660 NR19-FeesListen-274
Read Watch | Listen

NAVIGATING REGULATION FEBRUARY 2019 UPDATE

 NR19-FeesWatch-660 NR19-FeesListen-274
Watch | Listen
NAVIGATING REGULATION ADVICE SUMMITS
Watch the February 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 Fourteen - FMA Roadshow in August and September 2019
> 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
SIGN UP FOR FSC UPDATES
First name
Surname
eMail
Telephone
Company
Role
In order to assist us in reducing spam, please type the characters you see:
spam control image

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