Contributed by: Deemple Budhia & Joanna Khoo
Published on: May 07, 2019
The Code of Professional Conduct for Financial Advice Services (Code) was approved by the Minister of Commerce and Consumer Affairs today. The Code applies to regulated financial advice given to retail clients under the Financial Markets Conduct Act 2013 (as amended by the Financial Services Legislation Amendment Act 2019).
The standards in the Code are separated into two categories:
The standards relating to ethical behaviour, conduct and client care are expected to come into force with the commencement of the Financial Services Legislation Amendment Act, which will be in nine months’ time (at the earliest). In relation to the standards relating to competence, knowledge and skill, advisers may benefit from a two year safe harbour period if they were allowed to provide such advice before the new regime came into effect.
The Code is available here. For more information, please contact us.
This article is intended only to provide a summary of the subject covered. It does not purport to be comprehensive or to provide legal advice. No person should act in reliance on any statement contained in this publication without first obtaining specific professional advice. If you require any advice or further information on the subject matter of this newsletter, please contact the partner/solicitor in the firm who normally advises you, or alternatively contact one of the partners listed below.
Partner, Banking and Finance
Partner, Corporate Advisory
Partner, Restructuring and Insolvency
Special Counsel, Banking and Finance
Banking and Finance
Funds Management, KiwiSaver and Superannuation