Financial advice reviewPosted to Financial Capability on 18-07-2016
The Commission for Financial Capability has welcomed plans for changes that should improve the way New Zealanders get financial advice.
The Commerce and Consumer Affairs Minister Paul Goldsmith has announced the proposed changes to the Financial Advisers Act and the Financial Service Providers Act following an extensive review.
The aim is to simplify the regime, improve access to financial advice and raise confidence in the financial advice industry.
David Boyle, the Commission for Financial Capability’s group manager investor education, said: “Simplicity and transparency have to be great for New Zealanders’ financial wellbeing. They should lead to better decision-making and the opportunity for improved financial futures for everyone.
“The planned changes will hopefully also grow an industry that has been in decline, at a time when we need more ways than ever to get reliable advice and information.”
Financial advice can be one-off, such as choosing an insurance policy or KiwiSaver provider, or more comprehensive and sometimes ongoing about how to achieve your financial goals.
The review of the acts aims to ensure consumers can access the advice they need and want and that advice improves their financial outcomes.
A bill is expected to be introduced to Parliament this year.
For more details about the changes go to www.mbie.govt.nz/faareview.
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