FSPR updates: What advisers need to know

With the bigger regulatory changes approaching on March 15, it could be easy for some of the smaller changes to get lost in the shuffle.

One of those smaller changes is the alterations being made by MBIE to the FSPR. And while those changes might be small, it is vital that advisers remain aware of them, considering the eagle eye the FMA is going to be turning toward the registry post-March 15.

Rob Rendle, national manager, business registries, of the Ministry of Business, Innovation and Employment, told Good Returns that while the new regime will dismiss previous categories like “authorised financial adviser” and “qualifying financial entity”, the biggest change to the FSPR will be a migration of advisers to a new registry system.

“Authorised financial advisers and registered financial advisers who are on the register immediately before March 15, 2021 will be migrated to the new register as financial advisers under the new regime.”