Faafoi: We don't want to wreck the system

Kris Faafoi

He spoke at the Financial Services Council's Navigating Regulation advice summit in Wellington on Thursday.

Faafoi said he had heard the need for consistency in the way advisers were held to account to improve trust in the sector.

But any move to increasing regulation needed to strike the right balance to ensure it was workable, he said, and not too onerous on industry participants, while improving access to high-quality financial advice.

Faafoi acknowledged that many financial advisers were waiting for action and more information on the rule changes that are being introduced.