Review of financial advice laws to commence

Commerce and Consumer Affairs Minister Paul Goldsmith today released the terms of reference for a review of the legislation governing how financial advice is provided.

“We are starting an 18 month process to reach recommendations on how the Financial Advisers Act and the Financial Service Providers Act may be improved,” Mr Goldsmith says.

“The review will be comprehensive and focused on whether the benefits of the regime outweigh the costs.

“It is important that we have the best regulatory system in place, one that provides access to quality financial advice and promotes confident and informed participation of businesses, investors, and consumers.

“We want to hear from the finance sector and consumers on how the legislation which has been in place since 2011 are working. It’s important that Government understands the industry’s perspective along with the needs and expectations of consumers when seeking financial advice.

“I strongly encourage all those who are interested to participate in the review and submit on the public consultation documents when they are available.

“These pieces of legislation are both integral to the effective functioning of New Zealand’s capital markets, one of the Government’s Business Growth Agenda goals,” Mr Goldsmith says

The consultation process will start in May with the release of a discussion document.

For more information and to view the Terms of Reference visit: www.mbie.govt.nz/what-we-do/review-of-financial-advisers-act-2008

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