A bill that makes some small but important tweaks to new financial regulations passed its first reading in Parliament last night.

The Financial Services Providers (Pre-Implementation Adjustments) Bill makes technical amendments to the Financial Service Providers (Registration and Dispute Resolution) Act and the Financial Advisers Act.

The amendment bill focuses on changes to the Qualifying Financial Entity (QFE) model under the new regime that will allow companies to take responsibility for the advice from their employees.