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[The Wrap] What it it will cost you to be licensed revealed

It's not unusual that something big drops right on Christmas, and it's happened again this year. MBIE have released a discussion document which goes a long way to answering one of the biggest questions about impeding regulation. How much it will cost.

Saturday, December 15th 2018, 2:07PM

Parliament sat for the last day of the year yesterday, and the FSLAB bill remains unpassed. It continues to linger at number 20 on the Order Paper. 

The earliest it can be passed into law is February next year. Parliament's first sitting day is February 12.

That doesn't mean there is nothing happening on the regulation front. The Ministry of Business, Innovation and Employment yesterday released a discussion document outlining how much advisers will have to pay to be licensed under the new regime.

You can find out what it will cost you here, plus download the discussion document.

In the paper there is some analysis, or estimates, of how many advisers there will be, and how many Financial Advice Providers (FAPs). The latter number is quite large and you do have to wonder how the Financial Markets Authority is going to manage such a big population.

My guess is many advisers will start off with their own FAPs, but over time they will be encouraged, one way or another, to become part of a bigger group.

It certainly is going to be interesting over the next few years to see how the shape of the advice profession changes.

The more things change the more they stay the same

This week we have had a good old ding-dong battle in the comments section of Good Returns between the active advocates and passive protagonists. Who won? I'll let you decide.

You can read the comments here.

 

Tags: Opinion

« FMA scores own goal with KiwiSaver tracker: BoosterHow much you will have to pay to be an adviser revealed »

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  • Pathfinder-backed KiwiSaver to target gender diversity
    “This is a great initiative by Pathfinder - congratulations on taking a risk, and standing up for something that you believe...”
    6 hours ago by Pragmatic
  • Call to ensure efficient advice licensing
    “@all Put your cheque books away - no need to pay the lawyers to do the research to provide an opinion...... In my old...”
    22 hours ago by Murray Weatherston
  • Call to ensure efficient advice licensing
    “Further reading - Kinsington Swan in February 2018 https://www.kensingtonswan.com/news-updates-and-events/financial-advice-reforms-insights-series-14-penalties-enforcement-complaints-and-disciplinary-matters/...”
    1 day ago by all hat, no cattle
  • Call to ensure efficient advice licensing
    “MPT and Murray this might help https://www.fma.govt.nz/assets/Fact-sheets/Who-will-need-a-licence-to-provide-financial-advice...”
    1 day ago by all hat, no cattle
  • Call to ensure efficient advice licensing
    “Thanks Murray, it seems we are on the same page. Be great if the regulators could confirm or not. AHNC, I agree I dont...”
    1 day ago by MPT Heretic
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Lender Flt 1yr 2yr 3yr
ANZ 5.69 4.35 4.35 4.55
ANZ Special - 3.85 3.85 4.05
ASB Bank 5.70 4.29 4.35 4.55
ASB Bank Special - 3.89 3.85 4.05
BNZ - Classic - 3.85 3.85 4.05
BNZ - Mortgage One 6.40 - - -
BNZ - Rapid Repay 5.85 - - -
BNZ - Std, FlyBuys 5.80 4.69 4.59 4.79
BNZ - TotalMoney 5.80 - - -
Credit Union Auckland 5.95 - - -
Credit Union Baywide 6.15 4.95 4.95 -
Lender Flt 1yr 2yr 3yr
Credit Union North 6.45 - - -
Credit Union South 6.45 - - -
Finance Direct - - - -
First Credit Union 5.85 - - -
Heartland 6.70 7.00 7.25 7.85
Heartland Bank - Online - - - -
Heretaunga Building Society 5.75 4.60 4.75 -
Housing NZ Corp 5.80 4.69 4.49 4.45
HSBC Premier 5.89 3.79 3.79 3.89
HSBC Premier LVR > 80% - - - -
HSBC Special - - - -
Lender Flt 1yr 2yr 3yr
ICBC 5.65 3.85 3.95 3.89
Kiwibank 5.80 4.60 ▼4.60 ▼4.74
Kiwibank - Capped - - - -
Kiwibank - Offset 5.65 - - -
Kiwibank Special - 3.85 ▼3.85 ▼3.99
Liberty 5.69 - - -
Napier Building Society - - - -
Nelson Building Society 6.10 4.89 4.99 -
Resimac 5.30 4.86 4.14 4.19
RESIMAC Special - - - -
SBS Bank 5.79 4.85 5.05 5.49
Lender Flt 1yr 2yr 3yr
SBS Bank Special - 3.85 3.85 3.99
Sovereign 5.80 4.29 4.35 4.55
Sovereign Special - 3.89 3.85 4.05
The Co-operative Bank - Owner Occ 5.65 3.89 3.89 4.05
The Co-operative Bank - Standard 5.65 4.39 4.39 4.55
TSB Bank 5.69 4.45 4.35 4.55
TSB Special - 3.95 3.85 4.05
Wairarapa Building Society 5.70 4.85 4.99 -
Westpac 5.79 4.69 4.79 5.19
Westpac - Offset 5.79 - - -
Westpac Special - 3.85 3.85 4.05
Median 5.80 4.35 4.35 4.19

Last updated: 15 July 2019 9:47am

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