The Financial Services Legislation Amendment Bill has passed its second reading in Parliament on 12 September 2018.
Receiving unanimous support, the next step will see the Bill being considered by all members of Parliament in a committee called the ‘Committee of the whole House’.
It will then move towards its third and final reading and enactment anticipated towards the end of this year.
During the session, Labour MP for Mt Roskill, Michael Wood, said the most pressing issue in New Zealand right now “…is the sheer number of New Zealanders who simply don’t receive any good advice at all”.
He said this issue stems from limits of access but also a lack of confidence in the industry, explaining that the legislation is about re-establishing that confidence for consumers, and those who need financial advice.