Canterbury Financial advisers given more time to comply with new regime

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

Commerce Minister Simon Power says the Canterbury Earthquake (Financial Advisers) Order 2011 has been made under the Canterbury Earthquake Response and Recovery Act and will provide relief for advisers who have their place of business in the Canterbury region. The Order is available here.

Mr Power says Canterbury 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.

© New Zealand Law Society 2008