Auckland FAP has its licence cancelled
The Financial Markets Authority (FMA) has cancelled the financial advice provider (FAP) licence of Foundation Advice Limited.
Tuesday, November 28th 2023, 10:28AM 
3 Comments
FAL was an Auckland-based FAP offering advice on life and health insurance as well as KiwiSaver.
FAL was given a transitional FAP licence by the FMA in March 2021 and issued a full FAP licence in October 2022.
The company was deregistered from the financial services provider register on 6 Nov this year for not being a member of an approved dispute resolution scheme in accordance with the Financial Service Providers (Registration and Dispute Resolution) Act 2008.
The high court put FAL into liquidation on 26 Oct following an application filed by the IRD. The court appointed the official assignee as liquidator.
Following the court’s appointment of a liquidator, the FMA has exercised its powers under the Financial Markets Conduct Act 2013 by cancelling FAL's FAP licence from 17 Nov 2023.
The FMA encourages any FAL clients to contact the relevant product providers to review their arrangements and ensure they are looked after and their needs met.
| « NZXWT speeds things up with new API | More new high growth funds launched » |
Special Offers
Comments from our readers
Looking at FAL's online disclosure statement currently shows the following;
We only provide financial advice about products from certain providers:
• For life insurance, we work with AIA NZ, and Fidelity Life.
• For health insurance, we work with Accuro, AIA NZ, NIB, and Fidelity Life.
So....no agency agreements in place with Partners Life, Chubb or Asteron? That speaks volumes.
Maybe it would have lasted as long as the rest of us ... who got nothing.
Sign In to add your comment
|
|
Printable version |
|
Email to a friend |
