In February 2015 the Government announced a review of the law governing financial advice, with the aim of updating the Financial Adviser Act 2008 to ensure it continues to support good financial outcomes for New Zealanders. The new regime came into force on 15 march 2021
FAP Full Licensing Standard Conditions
In June 2020 the Financial Markets Authority (FMA) released a consultation paper outlining proposed standard conditions for financial advice provider full licences and classes of financial advice service.
Discloure Regulations
In October 2019 the Ministry of Business, Innovation and Employment (MBIE) released an exposure draft of the Financial Markets Conduct (Regulated Financial Advice Disclosure) Amendment Regulations 2019 for consultation
Discussion document
In April 2018 the Ministry of Business, Innovation and Employment released a discussion paper 'Disclosure requirements in the new financial advice regime' which sought feedback on the content, form and timing of disclosures to consumers of financial advice.
Financial Services Legislation Amendment Bill
In April 2019 the Financial Service Legislation Amendment Bill was passed into law.
Exposure draft of Financial Services Legislation Amendment Bill
In February 2017 the Ministry of Business, Innovation and Employment sought feedback on an exposure draft of legislation to amend the law relating to financial advice.
Options paper
In November 2015 the Ministry of Business, Innovation and Employment released an options paper 'Review of the Financial Advisers Act 2008 and the Financial Service Providers (Registration and Dispute Resolution) Act 2008', which sought feedback on options for the reform of financial advice law, including changes to: who can provide advice and how; ethical and client care obligations; disclosure; competence; and ensuring compliance with the regime.
Issues paper
In May 2015 the Ministry of Business, Innovation and Employment released an issues paper 'Review of the Financial Advisers Act 2008 and the Financial Service Providers (Registration and Dispute Resolution) Act 2008', which sought feedback on topics, including: consumers understanding of the regime; commissions; conflicts of interest; disclosure; access to financial advice; competence; and ethical standards.