MBIE Releases Details of Tweaks to Bill  


The Ministry of Business, Innovation & Employment has updated its website with a fact sheet outlining a number of changes being made to the Financial Services Legislation Amendment Bill.

The changes come via a supplementary order paper (SOP) to the Bill released by Minister of Commerce and Consumer Affairs, Kris Faafoi, this month.

MBIE stated the SOP includes a number of minor, technical and other changes for the purposes of improving drafting or providing clarity around:

  • Advisers being engaged by multiple financial advice providers
  • When financial advice duties apply
  • Categories on the Financial Service Providers Register

The Bill is awaiting its final stages in the House before it becomes law.

MBIE stated that once the Bill is passed, it will provide updated estimates of key dates for implementing the new financial advice regime.

Click here to read the details of the changes in full.