4 April: New deadlines for Christchurch advisers

Monday, April 4th 2011, 12:15PM

by FMA

It’s fantastic to finally be getting to Christchurch. Christchurch advisers have been in everyone's thoughts at every roadshow event. Since 23 February the Commission has said we’d be sympathetic to Christchurch advisers who are struggling to meet the FAA compliance requirements so it’s good to be able to speak more tangibly about it now that the Government’s announcement of an extension has happened.  I look forward to meeting around 40 advisers on Tuesday and answering their questions face to face. Readers may be interested in some stats.  As at late last week we had: Here's a summary of the extension provision: What do affected Canterbury advisers need to do?  Splitting them into four categories:
  1. If an adviser is already an AFA, they can ignore the order and are subject to FAA  disclosures from 1 July 2011  (the disclosure extension only applies if an adviser takes up the extension to be an AFA).
  2. If they have already applied, they can contact us to confirm whether they’d like to be authorised by 30 June as originally planned, 30 September, or somewhere in between. We’ll do our best to fit in with their compliance readiness.  If we haven’t heard from them we'll contact them just before we send out their AFA certificate to be sure they’re ready.
  3. If an adviser doesn’t have their application in yet, but want to take advantage of the extension, we’d encourage them to:
  1. If an adviser plans to be a nominated representative they should speak to their QFE to see whether their nomination can be delayed to 1 October
If at any time a Christchurch adviser wants to speak to one of my team we have a dedicated person available.  His name is James Sime and advisers don’t have to go through our 0800 434567 number to speak to him.  His direct dial is (04) 474 2062. They can also email James on  james.sime@seccom.govt.nz and there is a factsheet on our website. We encourage all advisers who can comply with the original dates to continue to work towards those deadlines.  This will help minimise any consumer confusion and will serve to ensure Christchurch is able to offer as many registered and authorised advisers as possible from 1 July.
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