This new regulatory regime is designed to help improve people’s financial resilience by making it easier to access high-quality financial advice that will better prepare them for the future.

The changes are significant. The regulation of financial advice now falls under the Financial Markets Conduct Act 2013 with the FA Act 2008 now repealed. An important feature of the new regime requires everyone providing retail financial advice to place the interests of their clients first.

From today, anyone who gives regulated financial advice to retail clients must either hold, or operate under, a Financial Advice Provider license.

Read more: https://www.fma.govt.nz/consumer/