Financial advisers register to open on Monday
The Financial Service Providers Register opens next week, marking the first step in implementing legislation to overhaul the sector.
Friday, August 13th 2010, 1:55PM
by Paul McBeth
Commerce Minister Simon Power said the opening of the register is the start of the regulation proper, which will see advisers subject to minimum standards of disclosure, competence, conduct and accountability.
"The regime is essential if we are to have a financial sector which investors and investment product providers can have confidence in," Power said.
Power already pushed out the timeline for full compliance to July next year after the consultation period took longer than expected and the legislation required another rewrite.
From Monday, advisers will be able to register themselves as providing financial services, one of the requirements under the new regime.
The registry was due to open in April, but the Companies Office pushed it out to July to meet legislative timetables involving registration and authorisation fees, dispute resolution schemes, and implementation procedures.
The next deadline is December 1, when advisers much belong to a dispute resolution scheme.
Paul is a staff writer for Good Returns based in Wellington.
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