Have your say on financial advice legislation

For immediate release

Friday 17 February 2017

Have your say on financial advice legislation

A draft bill to improve the regulation of financial advice has been published for consultation.

The Ministry of Business, Innovation and Employment is hoping for feedback from the public and the financial advice industry before the bill goes before parliament.

It follows extensive work over the past two years to review the existing financial advice regime and draw up changes.

David Boyle, the Commission’s group manager education and retirement villages, said: “This is a significant step in helping build confidence and improve access to advice for all New Zealanders when they need it and for their specific circumstances.

“We look forward with interest to seeing the future development of a range of different ways to obtain advice from the industry, including robo-advice which might help people get started.”

The bill aims to simplify the financial advice regime, make it easier to get advice and raise confidence in the financial advice industry.

Financial advice can be one-off, such as choosing an insurance policy or KiwiSaver provider, or more comprehensive and ongoing about how to achieve your financial goals.

The draft bill can be found here www.mbie.govt.nz/faareview and submissions can be made up until Friday 31 March.

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