Warning association numbers could fall
Financial Advice New Zealand numbers have lifted during the lockdown – but there’s a warning that there might be a slump ahead.
Chief executive Katrina Shanks said there had been 20 new applications for membership in the past month.
Normally, a typical month would include both new applicants and advisers retiring, the numbers of which would even each other out. But there had not been those retirements in recent weeks.
There is now a total of 1,655 Financial Advice NZ members.
In April last year, it had 1,680.
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Winners and losers of FMA levy hike
The financial services industry must cough up more cash for its watchdog because the government is cutting the amount it funds the Financial Markets Authority to 17 percent of its total budget by 2023.
The government currently pays 25 percent of the Financial Markets Authority’s $36 million operational budget with the rest funded through industry levies.
The big banks and insurers – which are undergoing major regulator scrutiny at present following fallout from the Australian Financial Services Royal Commission, will shoulder the bulk of the increase.
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