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ARTICLE · 03 MARCH 2017

Financial adviser reforms - our preliminary views

Chapman Tripp
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MBIE released a Consultation Paper and Exposure Draft of reforms to the regulation of financial advice in New Zealand.

New ZealandFinance and Banking
Penny Sheerin
Penny Sheerin
Tim Williams
Tim Williams
Bradley Kidd
Bradley Kidd
Roger Wallis
Roger Wallis
Ross Pennington
Ross Pennington
Mike Woodbury
Mike Woodbury
Alan Lester
Alan Lester
Fiona Bennett
Fiona Bennett
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The Ministry of Business, Innovation and Employment (MBIE) has released its Consultation Paper and Exposure Draft of reforms to the regulation of financial advice in New Zealand.

We outline and comment on some of the key changes below. Submissions are due by 31 March 2017.

Summary of the new Financial Advice Regime

The proposed new financial advice regime:

  • allows for robo-advice platforms by removing the requirement that personalised advice be provided by natural persons and does away with the class/personalised advice distinction and the dual categorisation of financial products
  • classifies financial advisers into Financial Advice Providers (FAPs), Financial Advisers (FAs), and Financial Advice Representatives (FARs)

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