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