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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.

Tags: FAP

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Comments from our readers

On 29 November 2023 at 8:06 am Backstage said:
How is it that at this minute, their website is still active?
On 29 November 2023 at 4:04 pm Amused said:
Well spotted Backstage. Bloody good question. And when I checked at 4.03pm today their website was also still active. Why??

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.
On 30 November 2023 at 10:16 am Aggressively_passive said:
If only they had gotten more money from MSD...

Maybe it would have lasted as long as the rest of us ... who got nothing.

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ANZ 8.64 7.99 7.49 7.35
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BNZ - Mortgage One 8.69 - - -
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China Construction Bank Special - - - -
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Co-operative Bank - Standard 8.40 ▼7.79 7.39 7.25
Credit Union Auckland 7.70 - - -
First Credit Union Special - 7.45 7.35 -
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HSBC Premier LVR > 80% - - - -
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ICBC 7.85 7.05 6.85 6.59
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Kainga Ora - First Home Buyer Special - - - -
Kiwibank 8.50 8.35 7.89 7.65
Kiwibank - Offset 8.50 - - -
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Westpac 8.64 7.89 7.49 7.25
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Median 8.64 7.45 7.37 6.77

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