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Voluntary authorisation allowed

After months of uncertainty for mortgage brokers and insurance advisers, clarity has finally prevailed with Commerce Minister Simon Power announcing that voluntary authorisation is to be allowed.  

Wednesday, September 22nd 2010, 12:21PM

Cabinet has agreed for regulations to be developed to allow voluntarily authorisation under the Financial Advisers Act (FAA).

Power says a number of changes were made to the FAA earlier this year to clarify that people providing advice solely on insurance or credit products were not required to be authorised.

However, as a result of this change, insurance advisers and mortgage brokers expressed concern that they were no longer able to be authorised if they still wanted to be.

"Today's announcement clearly sets out the Government's aim of encouraging all financial advisers to aspire to be authorised," says Power.

Power says the regulations allowing voluntarily authorisation are likely to be passed before December.

The financial adviser regime is governed by two pieces of legislation - the Financial Advisers Act and Financial Service Providers Acts.

The Acts, which will be fully in force by July next year, require all financial service providers - including financial advisers - to be on a public register and, if they provide retail services, to belong to an approved dispute resolution scheme.

 

« Minister approves the Code Advisers have 38 days to make assessment reservations »

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