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Changes to Financial Adviser Regulations

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What is a Financial Advice Provider (FAP)?
A financial advice provider (FAP) is an individual or entity (e.g. Hamilton Hindin Greene) that provides a “financial advice service”. An entity provides a financial advice service if they give regulated financial advice to their clients on their own account, or they engage others to give regulated financial advice to their clients on their behalf.

To use the term Financial Advice Provider from 15 March 2021 onwards an individual or entity must be registered on the Financial Service Providers Register (FSPR).

Code of Professional Conduct
Anyone giving advice to retail clients is subject to a new Code of Professional Conduct for financial advice services. This code outlines the standards of conduct, client care, competence, knowledge, and skill you need to meet when giving regulated financial advice to retail clients in New Zealand.  It took effect from the start of the new regime on Monday 15 March 2021.

All Financial Advice Providers require a License
Licensing is being introduced in two phases: transitional and full.

Transitional licensing
HHG is now able to operate under a transitional licence. Transitional licences are valid for up to two years from 15 March 2021.

Full licensing
From 16 March 2021, HHG will work towards applying for a full licence.  Once granted, full licences are subject to seven standard conditions, as well as any specific conditions added to a licence by the Financial Markets Authority.


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