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Implementation of New Zealand’s new financial advice regime has been delayed until early 2021

Page last updated: 26 March 2020

The Government has delayed the start date for the new financial advice regime from June 29, 2020 to early next year, 2021. This means that the transitional licensing application window will also be extended until then.

The new date will be communicated to you well in advance. The Government has indicated it expects this date to be in March 2021, at the earliest.

In the meantime, the current Financial Advisers Act 2008 continues to apply.

This extension is part of the Government’s response to the extraordinary circumstances brought about by the COVID-19 pandemic. It is designed to give relief to the financial advice community and to allow them to focus on helping clients, customers and families at this difficult time.

If you haven’t already decided how you will operate in the new regime, you now have more time to do so.

We encourage you to focus on staying well and ensuring you can meet the immediate needs of your customers, staff and families.

If you’ve already been granted a transitional Financial Advice Provider licence, this will now come into effect from the start of the new regime in early 2021.

And if you’ve already applied for a transitional Financial Advice Provider licence that has yet to be granted, you can expect to hear from us once it’s assessed.

Transitional licensing will remain open. At present, our licensing team is engaged in dealing with any urgent matters relating to the COVID-19 Level 4 alert, however, applications will be processed as resources are available and in time for the start date of the new regime in early 2021.

Take the time to reach out and speak to your clients. Adapting to working virtually can be challenging, we hope you also take time to take care of yourselves and your families.

If you have any questions about the transitional licence application process please email questions@fma.govt.nz.

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