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Last Article Uploaded: Thursday, April 15th, 8:49PM
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Articles tagged with '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.

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Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
AIA 4.55 2.29 2.59 2.65
ANZ 4.44 2.89 3.25 3.39
ANZ Special - 2.29 2.69 2.79
ASB Bank 4.45 2.29 2.59 2.65
Basecorp Finance 5.49 - - -
Bluestone 3.49 3.34 2.99 3.34
BNZ - Classic - 2.29 2.59 2.79
BNZ - Mortgage One 5.15 - - -
BNZ - Rapid Repay 4.60 - - -
BNZ - Std, FlyBuys 4.55 2.89 3.19 3.39
BNZ - TotalMoney 4.55 - - -
Lender Flt 1yr 2yr 3yr
CFML Loans 4.95 - - -
China Construction Bank 4.49 4.70 4.80 4.95
China Construction Bank Special - 2.65 2.65 2.80
Credit Union Auckland 5.45 - - -
Credit Union Baywide 5.65 3.95 3.85 -
Credit Union South 5.65 3.95 3.85 -
First Credit Union Special 5.85 2.95 3.45 -
Heartland Bank - Online 2.50 1.99 2.35 2.45
Heretaunga Building Society 4.99 3.40 3.50 -
HSBC Premier 4.49 2.25 2.35 2.65
HSBC Premier LVR > 80% - - - -
Lender Flt 1yr 2yr 3yr
HSBC Special - 2.25 - -
ICBC 3.69 2.25 2.35 2.65
Kainga Ora 4.43 2.67 2.97 3.13
Kainga Ora - First Home Buyer Special - 2.25 - -
Kiwibank 3.40 3.20 3.50 3.50
Kiwibank - Offset 3.40 - - -
Kiwibank Special 3.40 2.35 2.65 2.65
Liberty 5.69 - - -
Nelson Building Society 4.95 3.20 3.24 -
Pepper Essential 4.79 - - -
Resimac 3.39 3.35 2.99 3.35
Lender Flt 1yr 2yr 3yr
SBS Bank 4.54 2.79 ▲2.99 ▲3.29
SBS Bank Special - 2.29 ▲2.49 ▲2.79
Select Home Loans 3.49 3.34 2.99 3.34
The Co-operative Bank - First Home Special - 2.09 - -
The Co-operative Bank - Owner Occ 4.40 2.29 2.59 2.79
The Co-operative Bank - Standard 4.40 2.79 3.09 3.29
TSB Bank 5.34 3.09 3.29 3.45
TSB Special 4.54 2.29 2.49 2.65
Wairarapa Building Society 4.99 3.55 3.49 -
Westpac 4.59 3.09 3.29 3.39
Westpac - Offset 4.59 - - -
Lender Flt 1yr 2yr 3yr
Westpac Special - 2.29 2.69 2.79
Median 4.55 2.73 2.99 2.80

Last updated: 12 April 2021 8:56am

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