NZFSG-Kepa finalise merger
[UPDATED] NZFSG's merger with Kepa has received regulatory approval and closed on October 30 as planned, according to the group's chief executive Brendon Neal. CORRECTED STATEMENT FROM COMMERCE COOMMISSION.
Wednesday, November 18th 2020, 5:04AM 
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Brendon Neal
The two groups sought approval from the Overseas Investment Office and NZ Commerce Commission for their tie-up.
The NZ Commerce Commission did not give formal approval for the acquisition of Kepa. Rather, NZFSG informally notified the Commission of the transaction, and the Commission indicated that they did not intend to consider the acquisition further at this time,” NZFSG chief executive Brendon Smith said.
“All of our Kepa staff have accepted positions with NZFSG and started with the new group on November 2. I will continue to run Kepa as CEO while we merge the two companies over the coming months with additional responsibility now as head of strategy for the wider NZFSG Group.”
Neal added: “Lee Rudolph, who established and grew Kepa General from scratch has successfully acquired the rights to the Kepa General client base and will continue to run that business.”
The merger combines Kepa’s network of 400 advisers with the 1,200 plus network of NZFSG and Loan Market.
NZFSG said Kepa’s general insurance arm will remain with Kepa’s holding company Kepa Financial Services (KFS).
The assets will be divested in the coming months and KFS will be wound down.
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And as for the FMA as valkyrie6 notes correctly what was the point of licensing if we are going to let one FAP now have 1600 odd advisers and be held responsible for the advice they all give. Licensing was supposed to be about holding the individual adviser to account for the advice that he or she gives to their customer. A group/aggregator does not give advice to an adviser’s customer nor do they own that customer.
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