The Financial Services Legislation Amendment Act which comes into effect today will add an additional level of trust in financial advice for the public, says Financial Advice NZ.
Chief Executive Katrina Shanks says it’s been a long journey getting to this point and Financial Advice NZ is excited about what comes next.
“Commerce Minister David Clark put it in a nutshell when he said the new regime ‘will give consumers greater confidence to seek advice that will help with their financial goals, providing them with greater trust in the quality of that advice’.”
Mrs Shanks says it’s encouraging to see legislators, regulators and officials all recognising the value of advice and how important it is for the future of New Zealanders’ financial health, wealth and wellbeing.
“The more than 10,000 financial advisers in the sector have been focused on ensuring they’re compliant with the new regime over the past 12 months.
“For some advisers this has meant they’re now operating under slightly different business structures, some have had to make changes to the way they deliver advice, while others have gained further qualifications.
“Financial advisers have continued to support their clients tirelessly during the stressful time of COVID-19 while also determining the changes that have been required for compliance in the new regime.
“I would like to acknowledge those in the sector who have shown leadership during this period of change. This includes previous Minister of Commerce Hon. Kris Faafoi, the FMA, and MBIE for their approachability, the aggregators and dealer groups for their agility, and those financial advisers who supported other advisers in this period of change.
“Financial Advice NZ is proud to be supporting financial advisers during this time and is proud of the commitment they have shown towards the new regime.
“The focus of advisers will continue to be on delivering quality financial advice to their clients and making a difference in their lives.”
For more information:
Katrina Shanks – firstname.lastname@example.org – 021 474 010