Consultation: Proposed exemptions for advice on UK law aspects of defined benefit pension transfers

We sought feedback on proposed exemptions for UK financial advice firms from certain requirements of the Financial Markets Conduct Act 2013, so they can provide financial advice to clients in New Zealand on the UK law aspects of transferring funds in a UK pension scheme with safeguarded benefits (defined benefits) to a New Zealand qualified registered overseas pension scheme (QROPS).  

December 2024 Update

After considering submissions in response to our consultation on proposed exemptions, we have decided - in principle - to grant the exemption. The exemption will provide relief to UK financial advice firms from certain FMC Act requirements so they can provide requisite advice to New Zealanders relating to the transfer of funds from UK safeguarded benefits schemes. We will aim to finalise a notice to give effect to this decision in the first quarter of 2025.