A bill tightening the rules around the conduct of financial advisers has been passed into law by Parliament.
It will require advisers to be registered, with the Securities Commission supervising all financial advisers.
The bill also establishes a Commissioner of Financial Advisers who will be a member of the Securities Commission.
Commerce Minister Lianne Dalziel says the new law will shore up investor confidence which has been shaken by finance company failures and the impact of the global credit crunch.
Ms Dalziel says the bill makes clear distinctions about who should be covered by the regulation and who should be authorised to provide advice on complex financial products.
