The Financial Services Council (FSC) has welcomed the passing of the Financial Services Legislation Amendment Bill (FSLAB) through Parliament as a landmark moment for the New Zealand financial services industry.
“FSLAB has been a long time coming and when it comes into force will represent a sea change in New Zealand’s financial advice regime”, says Financial Services Council Chief Executive, Richard Klipin.
“The Bill will improve transparency and deliver a step forward in ensuring that consumers are getting good financial advice and that their interests are being put first.
“The measures in the Bill are a key part of lifting standards across the industry and ultimately building public trust and confidence in the sector.
“As an industry we understand that trust and confidence in the sector is critical which is why we have strongly supported the progression of FSLAB, the FMA & RBNZ Culture and Conduct review, along with other initiatives such as the FSC Code of Conduct.
Read the full release and go to the new Navigating Regulation Advice Hub at navigatingregulation.co.nz for more information about FSLAB including video introductions to the key areas of the Bill.