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Quick guide to the licensing process

The Securities Commission says people wanting to become an AFA have less than 50 days to get their application in to ensure it is processed by the July 1 start date for the new regime. Jenha White provides a quick guide of what AFAs need to do.

Friday, February 11th 2011, 5:00AM 1 Comment

1.       AFAs and Registered Financial Advisers must join a disputes resolution scheme (list of schemes: http://goo.gl/uGYJg) and register at www.fspr.govt.nz. The first step in registration is getting a NZ Government igovt login: you are automatically taken through this process.

2.       For AFAs, registration automatically continues to authorisation in the same process at www.fspr.govt.nz. You can complete both processes at the same time, or register first and return for authorisation later. The key items you must have ready before applying for authorisation are your ETITO number (see 4 below) and testimonials. Read the AFA Authorisation Guide at www.seccom.govt.nz/afa for full details.

3.       AFAs must register at www.afacompetence.org.nz to get an ETITO number and book for competence assessment. You need an ETITO number before you apply for authorisation, but you do not need to have completed your training and assessment. ETITO will automatically notify the Commission once you have completed your assessment requirements.

4.       QFE Advisers need do nothing other than comply with the requirements of their Qualifying Financial Entity (QFE).

5.       AFAs working for QFEs follow the normal authorisation process for AFAs (above). You will be asked to provide your QFE's registration number but you can fill this in later if you don't know it.

« Financial advisory sector expected to shrink 20%ETITO postpones Christchurch exams and assessments »

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Comments from our readers

On 17 February 2011 at 3:44 pm John said:
Applying for authorisation

AFA processing statistics as at - 11 February 2011

Number of AFA’s 79
Number of applications being processed 196

42 days until our recommended application deadline.

(The above is from the Securities Commission own website)

So much for the 5,000 + advisers that were apparently going to be “rushing” to be authorised. I think someone is going to have some serious explaining to do to the Government given how much money has been spent by the regulators to date!
Commenting is closed

 

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