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Navigating Regulation
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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.
MBIE have produced four useful fact sheets to help us understand some key points of the law for financial advisers: (1) enforcement, (2) liability, (3) interposed persons, and (4) financial advisers who are engaged by more than one provider.
The FMA have produced videos detailing the transitional licensing process, available on their YouTube channel.
More information can be found on the Financial Markets Authority (FMA), the Ministry of Business, Innovation and Employment (MBIE) and the Financial Service Provider Register (FSPR) websites.
TIMELINE AND SUMMARY OF THE BILL(updated 16 April 2021) |
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THE FINANCIAL SERVICES LEGISLATION AMENDMENT ACT (FSLAA)
> Anyone providing regulated financial advice must be engaged by a financial advice provider who is licensed by the FMA, by 15 March 2021; > 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 15 March 2021. > Find out more. |
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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 15 March 2021; > General competence is Level 5 Certificate or AFA status, with safe harbour until 15 March 2023. > Find out more. |
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DISCLOSURE
> The Ministry of Business, Innovation and Employment (MBIE) released the disclosure regulations on 25 June 2020; > 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. |
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LICENSING
> Financial advice providers must obtain a transitional licence between 25 November 2019 and 15 March 2021; > Full licence applications will open on 15 March 2021; > We await details of licence criteria from the Financial Markets Authority. > Find out more. |
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FEES AND LEVIES
On 21 October 2019, fees 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. > On 29 July 2020, MBIE announced levies for financial advice providers (from $260, direct advice from $880), financial advisers (from $300), nominated representatives (from $220) and authorised bodies (from $660). > Find out more. |
GET IN SHAPE WEBINAR SERIES
The FSC is running a series of Get In Shape update webinars to keep you updated and help you transition to the new regime. Sign up to the mailing list below to receive invitations to the webinars or watch previous sessions via YouTube.
GET IN SHAPE ADVICE SUMMITS 2021
Held in Wellington and Auckland and live online sessions for other locations in February 2021. Find out more and watch the video updates.
GET IN SHAPE ADVICE SUMMITS 2020
Held in Wellington, Auckland, Christchurch and Dunedin in February 2020. Find out more and watch the video updates.
NAVIGATING REGULATION ADVICE SUMMITS 2019
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.
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.
2021
> FSC Navigating Regulation Message Twenty-eight - Annual confirmations and new levy classes
> FSC Navigating Regulation Message Twenty-seven - Time for FAPs to engage financial advisors
> FSC Navigating Regulation Message Twenty-six - Your new obligations from 15 March 2021
> FSC Navigating Regulation Message Twenty-Five - Get In Shape Advice Summits 2021
2020
> FSC Navigating Regulation Message Twenty-four - FMA has released Full Licensing Requirements and New Disclosure Guide released for advice community.
> FSC Navigating Regulation Message Twenty-three - Last chance to have your say. Financial Advice, Regulation and COVID-19,
> FSC Navigating Regulation Message Twenty-two - HAVE YOUR SAY – Financial Advice, Regulation and COVID-19, NEW! Professional Advice Knowledge Hub and Money & You – The 2020 research series so far
> FSC Navigating Regulation Message Twenty-one - New disclosure regulations from 15 March 2021
> FSC Navigating Regulation Message Twenty - FMA consultation on proposed full licence classes and standard conditions
> FSC Navigating Regulation Message Nineteen - Get In Shape: Register for update webinars
> FSC Navigating Regulation Message Eighteen - Get In Shape FAQ and Conduct of Institutions Bill.
> FSC Navigating Regulation Message Seventeen - Get In Shape last chance to register, Transitional Licensing and MBIE Factsheets.
2019
> FSC Navigating Regulation Message Sixteen - Get In Shape Advice Summits 2020, Transitional Licensing Open and MBIE Factsheets
> 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
2021
> FSC Navigating Regulation Message Twenty-eight - Annual confirmations and new levy classes
> FSC Navigating Regulation Message Twenty-seven - Time for FAPs to engage financial advisors
> FSC Navigating Regulation Message Twenty-six - Your new obligations from 15 March 2021
> FSC Navigating Regulation Message Twenty-Five - Get In Shape Advice Summits 2021
2020
> FSC Navigating Regulation Message Twenty-four - FMA has released Full Licensing Requirements and New Disclosure Guide released for advice community.
> FSC Navigating Regulation Message Twenty-three - Last chance to have your say. Financial Advice, Regulation and COVID-19,
> FSC Navigating Regulation Message Twenty-two - HAVE YOUR SAY – Financial Advice, Regulation and COVID-19, NEW! Professional Advice Knowledge Hub and Money & You – The 2020 research series so far
> FSC Navigating Regulation Message Twenty-one - New disclosure regulations from 15 March 2021
> FSC Navigating Regulation Message Twenty - FMA consultation on proposed full licence classes and standard conditions
> FSC Navigating Regulation Message Nineteen - Get In Shape: Register for update webinars
> FSC Navigating Regulation Message Eighteen - Get In Shape FAQ and Conduct of Institutions Bill.
> FSC Navigating Regulation Message Seventeen - Get In Shape last chance to register, Transitional Licensing and MBIE Factsheets.
2019
> FSC Navigating Regulation Message Sixteen - Get In Shape Advice Summits 2020, Transitional Licensing Open and MBIE Factsheets
> 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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