Newpark in discussions with banks on new regime
Newpark is one of a few groups that does not want members to operate under its FAP licence. Instead, it wants members to become their own FAP.
The licensing issue has caused concern with the major banks, who are said to want advisers to operate under their group's FAP. Small groups have complained this stance favours bigger players.
Andrew Scott says Newpark is “coming to an agreement” with lenders around the new regime. He says this is likely to involve building a “principles-based approach” around duty and obligation into its broker agreement, and enforcing independent audits each year.
Scott says his advisers will have to be independently-certified each year to make sure they continue to adhere to the banks' standards.
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