The Financial Service Providers Register opened today, marking an important milestone in the introduction of the new financial adviser regime.“The opening of the register marks the start of the transition to full implementation of the Financial Advi
The Financial Service Providers Register opened today, marking an important milestone in the introduction of the new financial adviser regime.
“The opening of the register marks the start of the transition to full implementation of the Financial Advisers Act and the Financial Service Providers Act,” Commerce Minister Simon Power said.
The new system will require all financial service providers, including financial advisers, to be registered.
“This regime is essential if we are to have a financial sector which investors and investment product providers can have confidence in,” Mr Power said.
The next key date in the rollout of the regulations will be on December 1, the deadline for financial service providers to be registered and belong to a dispute resolution scheme.
Financial advisers have a little bit more time, until March 31 next year, to be registered.
The adviser laws, including requirements for certain advisers to be authorised by the Securities Commission, will come fully into force from July 1 next year.
More on financial adviser regulations-
Financial adviser code seeks approval
Last minute changes to act shocks financial advisers
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