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ARTICLE · 09 AUGUST 2017

Financial adviser reforms underway

Chapman Tripp
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The MBIE has made improvements to the Financial Services Legislation Amendment Bill as part of the consultation process.

New ZealandFinance and Banking
Tim Williams
Tim Williams
Penny Sheerin
Penny Sheerin
Bradley Kidd
Bradley Kidd
Mike Woodbury
Mike Woodbury
Phoebe Gibbons
Phoebe Gibbons
Brendon Orr (Formerly With Chapman Tripp)
Brendon Orr (Formerly With Chapman Tripp)
Emma Harding
Emma Harding
Sanna Boow
Sanna Boow
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The Financial Services Legislation Amendment Bill (the Bill) is now before Parliament.

Expectations are that the Bill will be passed by mid-2018 and in force by May 2019. No date has yet been set for submissions.

Key changes from the Exposure Draft

The Ministry of Business, Innovation and Employment (MBIE) has made a number of improvements to the Bill as part of the consultation process, including as a result of submissions made by us and other interested parties. We list the key changes below:1

  • key terms have changed – the term 'financial advice representative' is replaced with 'nominated representative' (NR), and the term 'broking service' is replaced with 'client money or property service'

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