Home > News & Resources > Navigating Regulation
TIMELINE AND SUMMARY OF THE BILL(updated 8 July 2020) See the detailed timeline on the MBIE website
|
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. |
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. |
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. |
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. |
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. |