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The Financial Advisers Act review is of course a critical process in identifying how best to provide financial advice, of many hues and colours, to those that need it. We continue to work with MBIE and the industry on this.
Similarly, we have contributed to the review of the FSPR (Financial Services Providers Register) regulations and to the Appeal Court review of the High Court decisions in the Vivier and Excelsior cases. These cases relate to our ability to direct the Companies Registrar to remove entities from the register, where we consider their presence to be misleading as to the extent of their regulation in New Zealand.
As we complete transition into the FMC Act environment, we are focused on preventing the harms that investors have suffered in the past and in guiding and influencing the conduct of financial service providers (including advice), not merely mopping up after the event. We see this as very much a joint effort between the FMA and the financial services sector and encourage continued dialogue with us as we develop our role.
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