Articles tagged with 'FAP'
[GRTV] New FAP regime creates opportunities for advisers
12 September 2024 - The creation of Financial Advice Providers (FAPs) has created a whole new set of opportunities for financial advisers.
Observations from the FAP monitoring insights report
20 June 2024 - Steve Wright examines the FMA's FAP monitoring report and explains where FAPs and advisers need to lift their game.
A good week for advisers - except one
1 June 2024 - It’s arguably been a good week for financial advisers.
SME FAP challenges can be overcome
12 January 2024 - One of the main challenges facing small and medium FAPs in New Zealand is adapting to the changing regulatory compliance requirements.
Auckland FAP has its licence cancelled
28 November 2023 - The Financial Markets Authority (FMA) has cancelled the financial advice provider (FAP) licence of Foundation Advice Limited.
The role of FAPs in building consumer confidence
25 August 2023 - With New Zealand’s financial literacy so low, how can financial advisers encourage Kiwis to take steps to improve their wealth management?
Hastings-based FAP first of its kind to become B Corp
8 December 2022 - Finzo is the first financial advice provider, which supplies support and services to other authorised bodies, to become a B Corp certified.
How to get the best value for your book
18 November 2022 - Mortgage advisers planning to quit the business when full licensing becomes mandatory under the FAP regime are being advised to check their loan books carefully if they want to get good proceeds from a sale.
[GRTV] Simon Fisher on FAP licensing
7 November 2022 - Mortgage People and Insurance People managing director, Simon Fisher sits down with Good Returns publisher, Philip Macalister to discuss what the company had to do to get a FAP licence.
Advisers risk big losses in lead up to FAP deadline – industry expert
18 October 2022 - Advisers delaying or rejecting full FAP licensing could be facing a ticking financial time bomb, according to a veteran business insider.
Complaints of fear mongering by financial educators rejected
29 July 2022 - Complaints have been coming in about training establishments putting undue pressure on mortgage advisers to take new courses to meet FAP requirements.
The reason why advisers are delaying FAP applications
27 July 2022 - Concern is growing that many advisers have not started the process towards full licensing and will not be able to continue in business. Eric Frykberg looks at why advisers are taking their time.
CCCFA burden “hasn’t helped” the FAP licensing programme
15 June 2022 - A senior official at the Financial Markets Authority (FMA) has suggested that the FAP licensing programme for advisers might have been easier without the presence of other compliance hurdles such as the Credit Contracts and Consumer Finance Act (CCCFA).
Thousands yet to apply for full FAP licences
20 December 2021 - More than 200 full financial advice provider (FAP) licences have now been approved by the Financial Markets Authority (FMA) with around 80% of advisers yet to apply.
FMA clarifies Wisdom House FAP cancellation decision
17 December 2021 - The Financial Markets Authority (FMA) has added some details around its decision to cancel the transitional financial advice provider (FAP) licence of Wisdom House Investment Partners.
Adviser loses transitional licence
13 December 2021 - The Financial Markets Authority (FMA) has cancelled a transitional advice licence for the first time.
FMA releases FAP self-assessment tools
24 November 2021 - The Financial Markets Authority has released three new self-assessment tools to help financial advice providers (FAPs) prepare for full licensing.
FSC backs target dates for FAP licencing
27 October 2021 - The Financial Services Council (FSC) has welcomed the Financial Markets Authority's (FMA) target dates for financial advice provider (FAP) full licence applications.
Embracing change - how regulation will improve financial advice
26 October 2021 - Regulation and compliance are not the big bad wolves of the financial advice industry - they will change the way Kiwis give and receive advice for the better.
FMA sets cut off date for FAP licencing
21 October 2021 - Advisers and financial advice companies looking to transition to a full licence have been given firm cut off dates by the Financial Markets Authority.
100th full FAP licence issued
20 October 2021 - The Financial Markets Authority has issued its 100th full Financial Advice Provider licence.
TAP offers OATs to independent advisers
12 October 2021 - After more than six months of intense testing and development, The Adviser Platform has launched a new advice tool saying it's a game-changer for independent advisers.
Full licencing - what does it look like?
21 September 2021 - Now the dust from March is settling and advisers have got their heads around most of what is required, it's time to start pushing forward with getting full licensing done.
Traffic builds on the road to full licensing
21 September 2021 - Adviser traffic on the road to full licencing has built up to a steady flow as individuals and companies look to the future with the Financial Markets Authority so far approving 80 applications.
FMA licensing workshops popular with Fidelity Life advisers
17 September 2021 - A series of online licensing support workshops jointly hosted by Fidelity Life and the Financial Markets Authority have attracted almost 200 adviser registrations.
Kiwi Adviser Network reaches 100 adviser mark
30 August 2021 - New aggregator group Kiwi Adviser Network has reached the 100 member mark as it targets advisers who want to take their own FAP licence.
Financial adviser deregistrations underway
1 July 2021 - Almost 10,000 financial service providers are now registered to provide financial advice in New Zealand according to the Companies Office, up by 748 from March 15 this year.
New advice rules more flexible than advisers think
25 June 2021 - A new guidance note from Strategi Compliance aims to show financial advice professionals that compliance under the new financial advice regime is more flexible than many believe.
Another milestone reached - the road to full licensing lies ahead
23 June 2021 - Another milestone in the journey to full licensing has been reached after the deadline for advisers to link themselves to a financial advice provider passed last week.
Financial Advice NZ launches new liability cover offering
11 June 2021 - Financial Advice NZ has launched its new liability programme giving its almost 1700 members access to a range of insurance products including much sought after PI and runoff cover.
Financial Advice NZ reveals PI renewal costs
10 June 2021 - Professional indemnity insurance costs are set to rise for those using the Financial Advice New Zealand liability programme over the next 12 months.
Looking forward to full licensing - but don't wait too long
9 June 2021 - Don't leave it up to your FAP, if you haven't been linked make sure they know because there are only five working days left before deregistration begins.
Almost half of NZ's advisers face deregistration
1 June 2021 - The situation is urgent for the 50% of advisers who have not yet been linked to a FAP, and they only have 14 days to make it right.
Keeping up - but not with the Kardashians
27 May 2021 - Education is one area we need to spend more time on than we have previously budgeted and considered, although we all knew it was coming.
Dealer group to pay commissions direct to members
19 May 2021 - Partners Life’s move to pay override commissions directly to advisers is further reshaping the industry.
Advisers advancing towards larger FAPs
10 May 2021 - Single FAP advisers weighing up their options are approaching larger aggregates says compliance expert.
The death of the single adviser FAP
6 May 2021 - Consultant Tony Vidler says we might be seeing the death of the single adviser FAP.
FMA breaks down the data
13 April 2021 - One month on from March 15, the FMA has shared a breakdown of the state of financial advice in New Zealand, and by the numbers the industry is looking strong.
Many advisers not ready for D-Day
24 February 2021 - Good Returns speaks to adviser consultancy groups who say that many advisers are still dragging their heels coming up to March 15.
Smug or juggling?
8 February 2021 - As March 15 approaches you could be in either camp. Russell Hutchinson with five tips to help get you over the line.
Does liability for advice stop when clients are sold?
13 November 2020 - Jon-Paul Hale questions whether an adviser, under the new regime, will still be responsible for the advice given after selling a book of clients to another adviser/FAP.
Licensing insurance for financial advisers
13 October 2020 - Russell Hutchinson takes a whimsical look at what this kind of cover might offer.
Licences near 1,000 milestone
27 August 2020 - Almost 1,000 licences for financial advice providers have been issued, but there may still be some advisers who do not fully understand the requirement ahead of them, it has been suggested.
It starts with governance
5 August 2020 - Russell Hutchinson discusses the importance of governance in achieving a compliant FAP business.
Partners Life market changes
16 July 2020 - Jon-Paul Hale with his critique of the Partners Life commentary and what to watch when considering replacement business.
To FAP or not to FAP, the update
30 June 2020 - Jon-Paul Hale on licensing, commission structure changes and the benefits of dealer groups.
FAP or Fiction - Five Clues
17 June 2020 - Former Newpark chief executive, and adviser advocate, Melanie Purdey says there are five questions advisers should ask when deciding to join someone else's FAP.
Newpark plots new future, tells advisers to make a choice
14 June 2020 - Newpark is seeking investments from “strategic shareholders” as it positions itself for its 10-year plan.
[GRTV] FAP or Fiction?
9 June 2020 - What questions do advisers need to ask before joining someone eles's FAP? Melanie Purdey has some answers.
Newpark makes U-turn on FAP status
23 March 2020 - Newpark Financial Services board met last week and has done a U-turn and decided to become a financial advice provider.
300 FAP applications – FMA 'not worried'
5 March 2020 - The Financial Markets Authority says it’s comfortable with the rate of applications being lodged for transitional licences.
The cost of running a one-person FAP revealed
18 February 2020 - It’s been estimated it might cost $10,000 to become licensed as a small adviser business, and then $10,000 a year to operate – but there’s a warning that’s the wrong way to look at it.
ASB reveals its position on FAPs
10 February 2020 - ASB Bank will work with adviser businesses that hold a FAP licence as well as group FAPs under the new regulatory regime.
Small banks stall on licensing
10 January 2020 - TSB and The Co-operative are among the lenders yet to decide how they will work with financial advice provider licence holders under the new regulatory regime.
Advisers told to take action
5 January 2020 - Financial advisers are being told not to delay decisions about their licences.
MBIE urges caution for FAPs engaging multiple advisers
18 December 2019 - There is a risk that advisers being able to work for more than one financial advice provider could result in consumer confusion or harm, the Ministry of Business, Innovation and Employment (MBIE) says.
Advisers: Licence process simple, but not many have done it
17 December 2019 - Advisers who have completed the process to obtain a transitional licence say it was straightforward. However, the number of licences issued is low.
My wildly unhelpful prediction …
12 December 2019 - I said to a colleague about two months ago that based on the 2010 change, 90% of advisers will miss the June 2020 deadline. They disagreed – they may well be right – I hope they are.
[GRTV] Apathy still reigns amongst advisers
4 December 2019 - Finzo chief executive Nick Stewart worries about the lack of guidance on FAPs and suggests regulators should be taking a stronger line of the upcoming changes.
First FAP licences issued
1 December 2019 - The first transitional licences have been issued to financial advice providers under the new regime.
Imagine being forced to give bad advice
28 November 2019 - It is not quite that bad, but this story – or cautionary tale – shows how a very restrictive approved product list affects advisers.
[The Wrap] Into the unknown
24 November 2019 - We're days out from transitional licensing opening and still there are questions which remain unanswered.
Details confirmed for transitional licensing
20 November 2019 - The Financial Markets Authority has confirmed the standard conditions it will require of those seeking a transitional financial advice provider (FAP) licence under the new regime.
Expect dramatic fall in FAP numbers: Greenslade
13 November 2019 - New Zealand could expect to get to as few as 400 financial advice providers by 2030, one training and compliance provider says.
As confusion reigns and opinions are strong, is it all a bit much?
31 October 2019 - There are so many options for advisers under the new regime; licensing, coming under a licence, packing it in, or working for a bank or insurer. Jon-Paul Hale says the answer is quite simple.
Adviser group reaches data 'milestone'
31 October 2019 - Adviser group Finzo, along with Iress, have established a data feed that they say will help increase advisers’ business efficiency.
Group FAPs could limit choice of suppliers: Newpark
30 October 2019 - Mortgage advisers could find their selection of available lenders limited by their financial advice provider under the new regulatory regime, Newpark’s Andrew Scott has warned.
Licensing fee increase
25 October 2019 - Financial advisers will have to pay more than originally suggested to be licensed under the new regime, it has been revealed.
Transitional licensing delayed
24 October 2019 - There's a few more weeks to wait before you can apply for a transitional FAP licence.
ANZ reveals stance on FAPs
21 October 2019 - ANZ has laid out its position on the new regulatory regime, stating it will work with adviser businesses and groups that hold a financial advice provider licence.
What is the advice risk?
21 October 2019 - You could be forgiven for keeping your head down, servicing clients and paying the bills. And frankly, we all need to be doing that.
Advisers not dropping out, Financial Advice NZ says
17 October 2019 - Financial Advice NZ says most advisers plan to remain in the sector under the new licensing regime – and most will take their own licence.
Mortgage Lab and Kepa plan for new regime
16 October 2019 - The Mortgage Lab will be an authorised body underneath Kepa's financial advice provider licence under the new regulatory regime.
Legislation overload 'could have unintended consequences'
15 October 2019 - New rules of conduct for banks and insurers could be bad news for organisations already grappling with the looming implementation of the Financial Services Legislation Amendment Act, one law firm says.
Govt seeks feedback on disclosure rules
11 October 2019 - Clients will have to be clearly told what fees they are likely to pay, and what commissions an adviser will receive, under draft disclosure regulations revealed by the Government this week.
Asteron offers to guide advisers through change
3 October 2019 - Asteron Life says it wants to help advisers take advantage of changes happening in the insurance industry.
To FAP or not to FAP, that is the question
3 October 2019 - There is plenty of ongoing discussion in the market around this question but should we also be asking – who owns the clients?
Newpark hits out at regulatory confusion
27 September 2019 - Newpark Financial Services has hit out at the ongoing confusion around the new regulatory regime, and has warned the new environment could heap too much liability onto adviser groups.
MySolutions wants independence for advisers
25 September 2019 - MySolutions Group has decided not to transfer mortgage advisers' aggregation from The Mortgage Supply Company to Astute Financial following a disagreement over the new regulatory regime.
BNZ outlines stance on new regulatory regime
19 September 2019 - BNZ will only deal with groups who hold a FAP licence under the new regulatory regime, becoming the first bank to formally outline its stance on the subject.
Chicken Little and the falling sky
12 August 2019 - It’s been said to me before, J-P how about looking at the glass being half full? Funny thing is the human brain is naturally a bit pessimistic, 60/40% if the studies I’ve read on the subject are right.
