The regime created by the Financial Advisers Act and the Financial Service Providers (Registration and Dispute Resolution) Act, both of which were passed in 2008, is under review.

The Government today released a consultation document, submissions on which will close on 22 July 2015.

We outline the issues on which comment is sought, and the timeline from here.

The issues paper outlines three proposed goals, and the key questions for feedback.

Click here to view the table.

Timeline

A review within five years of the regime’s commencement was mandated into the Financial Advisers Act out of recognition that the legislative process which gave birth to both Acts was tortuous.  This is an important opportunity for industry to input on potential improvements and enhancements, and we anticipate that there will be high levels of engagement from market participants.

Submissions close on 22 July.  Chapman Tripp will be making a submission.  We commented in a Brief Counsel last year on the main areas we see for improvement, with some further commentary earlier this year.

The recommendations for regulatory reform which the Ministry of Business, Innovation and Employment (MBIE) develops out of this exercise will be incorporated into a second consultation document to be circulated toward the end of this year.