It has released a new fact sheet about the Financial Services Legislation Amendment Bill's progression towards becoming law, ushering in a new advice regime.
As part of that, it has released a new timeline to reflect the likely passage of FSLAB at the end of this year.
It predicts FSLAB will be passed by the first quarter of 2019. The code of conduct for advisers would then be approved and regulations set by the second quarter.
Then, transitional licensing applications would open by the fourth quarter of 2019, six months before the new regime starts in transition form.
There would be nine months between the code being approved and the regime coming into force.
The transitional period would then run until the second quarter of 2022, when every provider would be required to have a full licence to continue to operate in the industry.
MBIE said the time frames were indicative only and would not be confirmed until the bill was passed and the code of conduct approved.
"But the new regime is not expected to begin before the second quarter of 2020."
During the transitional period, new duties and the code of conduct for advisers would be in force, with a competency safe harbour for previous industry participants.
Financial advice providers would have to hold a transitional or full licence and financial advisers would have to be engaged by a financial advice provider. Both would need to be registered on the FSPR.
MBIE said the FMA was still designing the licensing process, which would involve an online application form.
MBIE is developing new regulations that will cover detailed FSPR registration requirements, and disclosure rules for financial advisers. MBIE is also developing regulations to set licencing fees and levies that will apply under the new regime.
