That legislation repeals the Financial Advisers Act, and moves the rules into the Financial Markets Conduct Act. "Advisers are only too willing to believe it because they tend to have a negative view of bank advisers anyway. "For example, under the Financial Advisers Act, bank financial advisers must exercise reasonable care, diligence and skill. "The current review of the Financial Advisers Act will build on these obligations to include more explicit customer-first obligations for financial advisers. What financial advisers must provide:The Financial Services Legislation Amendment Bill creates a level playing field for all financial advisers.

Source: Stuff February 24, 2018 16:01 UTC