Financial Advice New Zealand welcomes Hon. Andrew Bayly’s announcement today to simplify CoFi regulations while keeping a fair conduct programme to protect consumers. The sector has experienced numerous changes to regulations. One conduct licence system overseen by the FMA will provide a clear process that will enable our members to focus on clients’ outcomes and business growth.
“We are pleased with the considered and consultative approach of the government, and discussions with Hon. Andrew Bayly and the Ministry has been open to understanding the implications for financial advisers,” says Tony Dench, interim CEO, Financial Advice New Zealand. The review of CCCFA will open opportunities for lenders to streamline the lending process and allows financial advisers to assist more Kiwis into homes.
It has been a trying time for many consumers as they navigate rising costs of living and uncertain economic times. Financial advisers have played a critical role in supporting New Zealanders through unprecedented economic times. As we navigate further change, it is more important than ever for New Zealanders to access good quality financial advice for their financial health, wealth, and well-being.