Financial advisers could get regulatory reprieve
Financial advisers in quake-hit Canterbury could be given more time to comply with a law that gives investors a higher level of protection.
Financial advisers in quake-hit Canterbury could be given more time to comply with a law that gives investors a higher level of protection.
The Financial Advisers Act, which comes into force on July 1, will require all financial advisers to be registered once fully implemented.
Commerce Minister Simon Power said today that he was sympathetic to financial advisers in Canterbury and was considering an extension to the registration and authorisation deadlines.
"A three-month extension of each deadline is being considered as the most appropriate means of granting temporary relief," he said.
A finalised regulatory relief package would be announced before the end of the month.
Mr Power also announced that Cabinet had approved new regulations designed to simplify the implementation of the financial adviser regime.
The regulations outline technical details including exemptions, fees for exemption applications, and a voluntarily application process that allows registered financial advisers to seek a higher level of accreditation.
The regulations also allow brokers to hold client funds on trust in overseas bank accounts, but only in countries with similar levels of regulatory protection to New Zealand.
NZPA
Wed, 23 Mar 2011
Wed, 23 Mar 2011
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Financial advisers could get regulatory reprieve
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