Relief for financial advisers affected by earthquake

Financial advisers affected by February’s earthquake will have more time to fully comply with the financial adviser regime, Cabinet has decided.

Commerce Minister Simon Power said new regulations made under the Canterbury Earthquake Response and Recovery Act will provide relief for advisers who have their place of business in the Canterbury region.

“It’s crucial that people and businesses in the Canterbury region are able to focus on their basic and immediate needs, and I hope this extension will provide some relief.

“Those advisers will have a further three months to seek registration and authorisation under the new financial adviser legislation.”

As a result, all affected advisers will have until 1 July to ensure they are on the Register of Financial Service providers, and until 1 October to finalise their authorisation and meet their other obligations under the Financial Advisers Act.

Details of the new regulations can be found on the Ministry of Economic Development website here.