Last week IBANZ approached Minister Kris Faafoi and the Ministry of Business, Innovation and Employment (MBIE) requesting a delay to the implementation of the Financial Services Legislation Amendment Act (FSLAA). The Act is set to come into force on the 29th June.

We suggested a delay is essential given the need for our Members to focus on assisting clients rather than diverting resources to new compliance requirements.

We are pleased to say that MBIE have today advised that Minister Kris Faafoi will be making an announcement in the next few days regarding a delay to the implementation date of the new financial services regime.

MBIE have indicated that the delay will be more than a couple of months, although just how long has yet to be decided.

Given the current pressures Members are facing with Covid-19 issues this is an excellent outcome.