This discussion paper seeks submissions on proposed regulations under the Financial Service Providers (Registration and Dispute Resolution) Act 2008 (FSP Act). The regulations are being proposed in order to implement changes to the FSP Act contained in the Financial Services Legislation Amendment Bill (Bill).
Following a review of the Financial Advisers Act 2008 and the FSP Act, the Bill creates a new regime for the regulation of financial advice and amends the regime for registration of financial service providers.
Part 2 of the Bill contains the changes to the FSP Act. The changes are primarily aimed at addressing misuse of the Financial Service Providers Register (FSPR), in order to protect the integrity and reputation of New Zealand’s financial markets and legitimate New Zealand financial service providers.
The changes also clarify and update the categories of financial services in the FSP Act and sets out the registration processes for financial advisers and financial advice providers.
Annex 1 of this document contains a summary of the changes in the Bill.