The Financial Services Legislation Amendment Act

March 15 2021, marked an important day for Finance New Zealand Ltd and the wider financial advice community, with the Financial Services Legislation Amendment Act going live. This legislation introduced significant change to the industry and formalised a range of obligations on financial advice firms and advisers working in the market. These obligations relate to the nature of advice any adviser is able to provide, formalises a code of professional conduct for financial advice services, introduces minimum education and skills standards and among many other changes, updates the disclosure requirements advisers need to provide when giving regulated advice. 

Our team has invested considerable time and resources to be ready for this legislative change. Under this regulation, Finance New Zealand Limited holds a transitional licence issued by the Financial Markets Authority. More information on the FSLAA regime is available at https://www.fma.govt.nz/compliance/role/fap-new-regime/