Financial Advice NZ says a plan to simplify CoFI regulations, while keeping a fair conduct programme to protect consumers, is a welcome move by the government.
The industry body says the sector has experienced numerous changes to regulations, and that one conduct licence system overseen by the FMA will “…provide a clear process that will enable our members to focus on clients’ outcomes and business growth”.
Financial Advice NZ’s interim CEO Tony Dench says he is pleased with the “considered and consultative approach of the government”, and discussions with Andrew Bayly, minister for Commerce and Consumer Affairs.
“It has been a trying time for many consumers as they navigate rising costs of living and uncertain economic times,” says Dench.
“Financial advisers have played a critical role in supporting New Zealanders through unprecedented economic times. As we navigate further change, it is more important than ever for New Zealanders to access good quality financial advice for their financial health, wealth, and well-being.”
See our report: New CEO for Financial Advice NZ.