The obligation to comply with the Code came into force today.
The Code was approved by the Minister of Commerce and Consumer Affairs in May 2019 following our consultation with the financial advice industry and consumers in March/April 2018 and October/November 2018.
Part 6 of Schedule 4 of the FMC Act provides a two-year transition from today for certain former Financial Advisers Act advisers to continue giving financial advice they were previously able to provide while they work towards meeting the standards of competence, knowledge, and skill provided in the Code.
As part of the development process for the Code we produced a summary of submissions, including our responses to the points raised in the submissions, and an impact analysis.
Read the Code.
Read the summary of submissions.
Read the impact analysis.
Financial Advice Code 