Dire predictions of Advisers deserting the financial services industry in the face of the legislative review may or may not be accurate. But from the draft Bill presented to Parliament it appears that the regulator will have the power of life and death over small adviser enterprises.
The time is rapidly approaching when the opportunity for views on the proposed financial services legislation have to be presented. The Financial Services Legislation Amendment Bill (FSLAB) has been promoted in priority and has passed its First Reading.
Last week, the Financial Services Legislation Amendment Bill (FSLAB) was presented to Parliament for its first reading. Submissions made by MPs were broadly supportive of the Bill, but there was one point offered which id worthy of closer attention.
At the Booster Conference in Wellington last week – an excellent, informative, and very worthwhile event, I might add – references were made by MBIE and FMA to life insurance commissions that are worrying.