Focus on ACC

Consultation begins on financial adviser regulation.

The Securities Commission today released proposals for the regulation of financial advisers, to take effect in late 2010.

The Staff Paper on Regulating and Supervising Financial Advisers sets out the practical implementation of the Financial Advisers Act 2008.

It discusses the systems, procedures and capacity businesses will need to have in place to fulfil their obligations under the law.

Financial advisers, their employers, investors and other interested parties are invited to make submissions about the proposals.

"These proposals are relevant to thousands of people working in the financial sector, affecting all businesses that give recommendations, opinions or advice about investments, insurance or credit products," Commission Director of Supervision Angus Dale-Jones says.

"The key objective is to promote high standards of professionalism and integrity for all financial advisers."

Submissions should be sent to the Commission by 5.30pm on Thursday 30 July 2009.

Submissions close on 30 July 2009.