FSLAB gets final tick

The Financial Services Legislation Amendment Bill has been given its final nod.

Thursday, April 11th 2019, 6:00AM 1 Comment

The bill, which introduces sweeping changes for the advice sector, received Royal assent this week.

All bills must go through this stage before they become an Act of Parliament.

The long-awaited passing of the bill has been welcomed by the industry.

Financial Advice NZ chief executive Katrina Shanks said it was great to see the bill had passed.

"Now the sector can have certainty as to the other components which follow such as the code, licencing requirements and disclosure.

"One thing is certain that legislation, regulation and consumer expectations never stand still and we have to ensure we understand the changing landscape and we are ahead of these changes. Financial Advice New Zealand have a range of resources for its members such as webinars, quick guides and workbooks to assist the navigation of the changing environment."

The Financial Services Council called it a landmark moment.

“FSLAB has been a long time coming and when it comes into force will represent a sea change in New Zealand’s financial advice regime,” said chief executive Richard Klipin.

“The bill will improve transparency and deliver a step forward in ensuring that consumers are getting good financial advice and that their interests are being put first.

“The measures in the bill are a key part of lifting standards across the industry and ultimately building public trust and confidence in the sector."

Klipin said the industry knew it needed to evolve and mature to deliver good outcomes for New Zealanders who wanted to grow, manage and protect their wealth.

He said getting good advice was key to financial security. "The bill will deliver the strong legislative foundation needed to ensure a world-class financial advice regime.

"I'd like to acknowledge the work of Minister Dean, Minister Faafoi and the officials at MBIE in progressing the bill."

Tags: FSC FSLAB