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Recommendations by a select committee to split the regulation of financial advisers into two tiers and appoint a commissioner of financial advisers has won support from the Government.
The finance and expenditure committee last week released its second interim report on the Financial Advisers Bill with several new recommendations.
It wants one tier to be created with those who give advice on complex financial products to be directly authorised by the Securities Commission and a second tier for those who give advice on simple products to be the responsibility of their employer who would then be registered by the commission.
The committee also wants a commissioner of financial advisers to be appointed to the Securities Commission.
Yesterday, Commerce Minister Lianne Dalziel said the recommendations made sense.
Submitters have until August 22 to come back with comments on the recommendations with the select committee's report due back to Parliament by early September.
But industry leaders have already said they were worried the proposals would complicate new legislation and not enough time was being taken to work them through.
