FS Council welcomes passing of FSLAB as consumers getting good financial advice

“FSLAB has been a long time coming and when it comes into force will represent a sea change in New Zealand’s financial advice regime”, says Financial Services Council Chief Executive, Richard Klipin.

The Financial Services Council (FSC) has welcomed the passing of the Financial Services Legislation Amendment Bill (FSLAB) through Parliament as a landmark moment for the New Zealand financial services industry.

“FSLAB has been a long time coming and when it comes into force will represent a sea change in New Zealand’s financial advice regime”, says Financial Services Council Chief Executive, Richard Klipin.

“The Bill will improve transparency and deliver a step forward in ensuring that consumers are getting good financial advice and that their interests are being put first.

“The measures in the Bill are a key part of lifting standards across the industry and ultimately building public trust and confidence in the sector.

“As an industry, we understand that trust and confidence in the sector are critical which is why we have strongly supported the progression of FSLAB, the FMA & RBNZ Culture and Conduct a review, along with other initiatives such as the FSC Code of Conduct.

“Consumers are at the heart of our sector and we know that we need to evolve and mature to ensure we continue to deliver good outcomes as we help New Zealanders grow, manage, and protect their wealth. The measures in FSLAB will help us with this.

“For Kiwis getting good advice is key to financial security and this Bill will deliver the strong legislative foundation needed to ensure a world-class financial advice regime.

“I’d like to acknowledge the work of Minister Dean, Minister Faafoi and the officials at MBIE in progressing the Bill ”, concluded Klipin.