Commerce Minister Simon Power has approved a code of professional conduct for authorised financial advisers.
The approval means the Commissioner for Financial Advisers can determine when the code can come into effect.
The code is intended to rebuild investor confidence in financial markets.
It is governed by two pieces of legislation which will be in force by July next year.
All financial service providers will be required to be on a public register and, if they provide retail services, to belong to an approved dispute resolution scheme.