[The Wrap] Once FSLAB's laid new game starts
I made a prediction a while back that the Financial Services Legislation Amendment Bill (FSLAB) will become law sooner than many people in the industry expect. This week gives me some belief that this will become true.
At the start of the week the bill was number 20 on the order paper, by Wednesday morning it was number two and by Wednesday night Parliament had unanimously passed it through its second reason. Yesterday it was back on the Order Paper at number 16.
The fact that all parties supported the bill, it was introduced to Parliament by National and then was picked up by the new administration all show signs that its progress will be swift. Added to that Commerce Minister Kris Faafoi seems determined to get it passed.
Listening to MPs debate the bill on Wednesday night was interesting. The issues which most concerned advisers; sales v advice and vertical integration, were barely mentioned. When it was they MP speaking thought the bill had the balance right. A theme from speakers was their support of roboadvice, or advice given by a non-natural person.
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