The New Zealand Bankers’ Association (NZBA) today welcomed the Ministry of Business, Innovation and Employment’s (MBIE) recommendations to the Minister of Commerce and Consumer Affairs on changes to the Financial Advisers Act 2008 (FAA) and Financial Services Providers Act 2008 (FSPA).
“Banks support good quality regulation that improves consumer understanding of financial advice and the conduct and competence of financial advisers,” said New Zealand Bankers’ Association chief executive Karen Scott-Howman.
“Banks play an important role in providing reliable and trusted financial advice, so that our customers are able to make confident and informed decisions.”
“The recommendations are comprehensive and align with banks’ priorities in ensuring our financial advice is fit for purpose and puts the customer’s interests first.”
In particular, NZBA supports the forward-looking recommendations that enable robo-advice, which will help promote innovation and consumer accessibility to financial advice into the future.
“The industry has appreciated the opportunity to engage with MBIE throughout the review and looks forward to further collaboration to implement the proposed changes,” ScottHowman added.