New Financial Advisers Regime now fully in force
1 July 2011
As of 1 July 2011 the Financial Advisers regime comes fully into force.
This means that all financial advisers must be registered on the Financial Service Providers Register and if they advise retail clients they must belong to a dispute resolution scheme.
Those who advise on investments must also be licensed by the Financial Markets Authority; meet minimum qualifications; and professional standards for ethical behaviour, client care, knowledge, skills and competence, and continuing professional development.
All registered financial advisers will be regulated under new rules administered by the Financial Markets Authority.
The intention of the regime is to hold our financial advisers accountable for their advice and to impose a high standard of competency and professionalism.
Please note| Financial advisers in earthquake-affected Canterbury have until 1 October 2011 to become Authorised Financial Advisers.
