23 Jun 2010

New law simplifies compliance for financial advisers

4:31 pm on 23 June 2010

A bill aimed at simplifying compliance for financial advisers was passed unanimously by Parliament on Wednesday.

It follows the introduction of new regulations for financial advisers in two 2008 acts of Parliament.

Under the new law, all financial advisers have to be registered and be members of an approved resolution dispute service by December.

But they have until July next year to complete any required training and to have their applications processed by the Securities Commission.

Commerce Minister Simon Power says the changes will greatly simplify compliance while providing a high level of consumer protection.