Without the details of the competency and licencing requirements it is really difficult to judge if the proposed timings for the transition stated in the Financial Markets Amendments act make sense.
Until the Code Committee completes its work on competency standards for all advisers and the FMA and MBIE clarify requirements and costs of licencing, any opinions on the proposed timings are operating in a vacuum.
MBIE would be better to state that the proposed timings are subject to change based on market feedback post the clarification of the details, then we can assess the impact of the requirements and give informed feedback on timing.
So we will Keep Calm and Carry On.
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