Will the Government's financial advice legislation reforms improve access to high-quality financial advice?
- No (65%)
- Yes (21%)
- Not sure (15%)
The jury is well and truly out on whether the proposed FSLAB reforms will ultimately improve access to high-quality financial advice in New Zealand.
As we go to press this week, only 24 percent of advisers taking out latest poll think the Government’s FSLAB reforms will deliver on its primary goal (see: Will FSLAB Work?). Almost half (47 percent) don’t believe FSLAB will provide the groundwork that will result in access to high-quality advice, while one in three advisers (29 percent) aren’t sure at the moment.
This outcome falls well short of representing anything like an endorsement of FSLAB by Kiwi advisers – especially risk-focussed advisers, and we’ll continue to monitor the progress of the FSLAB Bill on its inevitable march towards becoming law later this year.
More details surrounding elements of adviser licensing options and code of conduct issues will emerge over time, which will offer more certainty around what the future advice environment will look like for New Zealand advisers, once the FSLAB dust has settled. But in the meantime, this underwhelming poll result tells us there’s significant scepticism within the adviser community about whether the desired outcome from FSLAB will be achieved.
Our poll remains open for another week and we welcome your vote and your views…