Quake-affected financial advisers get extension

Commerce Minister Simon Power. Photo / Mark Mitchell

Financial advisers affected by last month's Christchurch earthquake have been given more time to comply with the Government's financial adviser regime.

The regime requires all financial service providers - including financial advisers - to be on a public register.

However, Commerce Minister Simon Power announced today that, under new Canterbury Earthquake Response and Recovery Act regulations, advisers whose businesses were in the Canterbury region would be given a further three months to seek registration and authorisation.

"It's crucial that people and businesses in the Canterbury region are able to focus on their basic and immediate needs, and I hope this extension will provide some relief," he said.

Affected advisers had until July 1 to ensure they are on the Register of Financial Service providers, and until October 1 to finalise their authorisation.

- NZPA