The Government has established a Disciplinary Committee to deal with complaints against authorised financial advisers.
Commerce Minister Simon Power said the Committee would function in terms of the provisions of the Financial Advisers Act 2008, which came into force on December 1, 2010. While all provisions of the Act will be active from July 1, 2011, financial advisers must be registered with the Financial Service Providers Register by March 1, 2011.
The Disciplinary Committee comprises Financial Advisers Commissioner David Mayhew (Chairman), Tracey Berry, Simon Hassan, Peter Houghton and Sir Bruce Robertson (Members).
Mr Power said the Government had finalised exemptions from the Financial Service Providers Act.
“These exemptions address a number of technical issues with the legislation and will help minimise compliance costs. One key exemption is for ‘sole adviser practices,’ those working through their own closely held company.
“They must register on the new Financial Service Providers Register in their own name, although not obliged to register their company as well, minimising registration fees,” he said.
