The Ministry of Business, Innovation and Employment (MBIE) is undertaking a review of the Financial Advisers Act 2008 and the Financial Service Providers (Registration and Dispute Resolution) Act 2008. This review is evaluating the laws that:
- regulate financial advisers, and
- require financial service providers to register and to belong to approved dispute resolution schemes.
MBIE wants to ensure that the Acts are promoting consumer confidence as per the original intent, and to understand if any changes to the Acts are required.
As part of this process MBIE has prepared an Issues Paper which is now out for public consultation and available at http://www.mbie.govt.nz/what-we-do/faareview. A submissions template can also be found on the website.
Public consultation closes at 5pm on 22 July 2015.
MBIE has also developed a short brochure and survey, which summarises the key questions in the Issues Paper. This is intended to encourage consumers to share their views on how the Acts are working, and where improvements could be made. This is also available on the MBIE website here – http://www.mbie.govt.nz/what-we-do/faareview).