Legislation to ensure financial advisers meet minimum standards of competency has been passed unanimously in Parliament.
The Financial Service Providers (Pre-Implementation Adjustments) Act amends the regulatory framework established under Financial Advisers Act and the Financial Service Providers (Registration and Dispute Resolution) Act.
These changes greatly simplify compliance while still providing a higher level of consumer protection. The new law strengthens the Securities Commission's power to police financial advisers.
Meanwhile, the Government has called for public submissions on a discussion document on securities law. The document picked up many of the recommendations of the Capital Market Development Taskforce, and builds on the establishment of a new market regulator, the Financial Markets Authority.
The proposed changes will contribute to strengthening and improving our financial markets, as well as restoring mum and dad investor confidence.
More information:
http://www.beehive.govt.nz/release/financial+service+changes+passed+unanimously
http://www.beehive.govt.nz/release/minister+welcomes+discussion+document+securities+law
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