Commerce Minister Power gives financial advisers more time
Financial advisers will be given extra time to fully comply with the new regulatory regime, Commerce Minister Simon Power announced tonight.He made the announcement at the Institute of Financial Professionals New Zealand (Infinz) annual awards in Au
Niko Kloeten
Wed, 28 Apr 2010
Financial advisers will be given extra time to fully comply with the new regulatory regime, Commerce Minister Simon Power announced tonight.
He made the announcement at the Institute of Financial Professionals New Zealand (Infinz) annual awards in Auckland.
Financial advisers would still have to be registered under the Financial Service Providers Act and become a member of an approved dispute resolution scheme by December 1 this year.
However, they will then have until June 30 next year to complete any required training and have applications for authorisation and qualifying financial entity status processed by the Securities Commission.
“I have listened to the concerns of the industry about the importance of their being enough time for individuals and companies to go through the authorisation and education process,” Mr Power said.
“The industry has advised me this will give sufficient time for these elements to be completed. This regime is essential if we are to have a financial adviser sector which mum and dad investors and investment product providers can have confidence in.”
Mr Power said he expected to make further announcements soon on the treatment of advice to wholesale clients, generic advice often issued by institutions rather than individuals, and how the regime deals with group corporate structures.
Niko Kloeten
Wed, 28 Apr 2010
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