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ARTICLE · 29 SEPTEMBER 2008

NZ Funds Management Update - New Rules For Financial Advisers

DLA Piper Australia
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The Financial Advisers Bill (Bill), amended at the final hour by a last minute Supplementary Order Paper (SOP), passed through Parliament under urgency yesterday with unanimous cross-party support.

AustraliaFinance and Banking
Sue Brown
Sue Brown

The Financial Advisers Bill (Bill), amended at the final hour by a last minute Supplementary Order Paper (SOP), passed through Parliament under urgency yesterday with unanimous cross-party support. The Government is confident that the Bill will accomplish its objective of encouraging the sound and efficient delivery of financial advice and boost confidence in the use of such advice.

The Bill is designed to regulate the activities of financial advisers to ensure they are competent, skilled and accountable for the financial advice provided to investors.

Major changes

The Bill has been significantly altered in the wake of Select Committee consideration and now provides for three categories of financial adviser. A financial adviser who is:

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