6 March 2019 - The Code Working Group has submitted the draft Code to the Minister of Commerce and Consumer Affairs for consideration.
The draft Code is based on the assumption that the Financial Services Legislation Amendment Bill will be passed in its current form. We have signalled to the Minister that the draft Code might need to be revised before its approval if any late changes are made to the Bill.
Shortly, we will publish the consultation submissions we received.
Once the legislation is finalised and the Code approved, we will publish it together with an impact analysis and a summary of submissions.
Following the Minister's approval of the Code, there will be at least nine months before it comes into force, enabling people to make any changes they need to comply with it. Exact dates will be determined once the Financial Services Legislation Amendment Bill is passed and the Code is approved. There will also be a further two-year transition period for existing advisers to work towards meeting the new competency standards set by the Code.
The Code will sit within a wider regulatory regime that will include statutory duties, disclosure requirements and licensing. These changes are being introduced through the Financial Services Legislation Amendment Bill.
On behalf of the Code Working Group, I would like thank everyone for your input in helping to develop a Code that will set the standards of conduct for those giving financial advice.
A further update will be provided once the final Code has been approved by the Minister.
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