Passing of the bill is a landmark moment for the industry, says CEO
The passing of the Financial Services Legislation Amendment Bill (FSLAB) through Parliament is a landmark moment for the New Zealand financial services industry, according to the Financial Services Council (FSC).
“FSLAB has been a long time coming and when it comes into force will represent a sea change in New Zealand’s financial advice regime,” FSC chief executive Richard Klipin said.
Klipin noted the measures in the bill are a key part of lifting standards in the industry. He expects the bill to improve transparency and ensure consumers’ interests are being put first.
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“As an industry we understand that trust and confidence in the sector is critical which is why we have strongly supported the progression of FSLAB, the FMA & RBNZ Culture and Conduct review, along with other initiatives such as the FSC Code of Conduct,” he said. “Consumers are at the heart of our sector and we know that we need to evolve and mature to ensure we continue to deliver good outcomes as we help New Zealanders grow, manage, and protect their wealth. The measures in FSLAB will help us with this.
“For Kiwis getting good advice is key to financial security and this Bill will deliver the strong legislative foundation needed to ensure a world class financial advice regime”
Klipin also acknowledged the work of Minister Dean, Minister Faafoi and the officials at MBIE in progressing the bill.
