ASB reveals its position on FAPs

The big four bank has formally declared that it will work with individual businesses that choose to operate under their own FAP (financial advice provider) license, as well as those who work under the umbrella of an aggregator group's. 

ASB notified groups of its decision over the past week. The decision will be welcomed by groups keen to offer members a chance to handle their own FAP and regulatory requirements under the FSLAA regime. 

ASB confirmed its position to TMM Online.

A spokeswoman said in a statement: "The financial advice regime is changing due to the implementation of FSLAA and from June 2020, regulated financial advice will only be able to be provided to retail clients by a licensed Financial Advice Provider on its own account, or by a financial adviser or nominated representative on behalf of a FAP.