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Financial Advice NZ Welcomes Delay To Transitional Licensing

Financial Advice NZ welcomes the delay of the new financial advice regulatory scheme till early next year.

The transitional licensing application window, which is part of the Financial Services Legislation Amendment Act, is expected to be extended to March at the earliest. The exact date will be advised later. The Government also announced the new Code of Professional Conduct for Financial Advice Services will come into force at the same time.

“This is exactly the right decision,” says Chief Executive Katrina Shanks.

“This will give members the breathing space to concentrate on advising and supporting clients through the implications of the current volatile markets.

“It’s great also that advisers who have already registered will not have to do so again.

“We all acknowledge the workload the Government is facing right now in these rapidly changing times, and it’s good to see that among all that’s going on financial advisers and the work we do is an important consideration.

“We encourage advisers to continue to work towards applying for their licence.”

Financial Advice NZ last week wrote to Commerce and Consumer Affairs Minister Kris Faafoi, FMA Chief Executive Rob Everett, and MBIE asking for a delay to transitional licensing until next year so advisers could focus on supporting clients through the implications of volatile markets, insurance support and advocacy, and mortgage advice without the distractions the licensing process entails.

The move follows the decision by Parliament’s Finance and Expenditure Committee to extend by a month the submissions on the Financial Markets (Conduct of Institutions) Amendment Bill. They will now close on 30 April. That also followed a letter by Financial Advice NZ, that time to the chair of the select committee.

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