Financial Advisers are not deemed to be an essential service under the current alert level 4 lockdown, which is set to remain in place until 31 August in Auckland. But the FMA is working to change this.
The government has published a list of alert level 4 businesses or services, and while consumers can buy alcohol and use public laundries, not currently on the list of approved activities are face-to-face financial advice consultations.
“The order provides that financial services are not included, this is a change from the previous alert level 4 situation, where financial services were considered essential,” say lawyers at MinterEllison.
“Businesses must close during alert level 4 unless the business is an ‘alert level 4 business or service’ and is ‘operating in compliance with the alert level 4 requirements’.”
A statement from the FMA says: “Financial services firms not covered by an exemption may not currently provide any services face-to-face to the public. In all cases, if employees need to work on site, they should be strictly limited.
“We are engaging with the Ministry of Health in relation to a class exemption from the order for these services.
“We are working towards having these included in the next round of amendments or receiving a class exemption from the order. We anticipate what may be considered essential financial services to be narrower than in previous alert level 4 scenarios.”