Articles tagged with 'licensing'
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.
Vax chat hits a raw nerve - advisers can do better
30 November 2021 - It seems a recent article on Covid-19 and underwriting the unvaccinated hit a raw nerve with some readers, and the responses across the Good Returns site raised an eyebrow or two.
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.
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.
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.
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.
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.
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.
Why PI insurance premiums are rising
5 May 2021 - A lack of underwriting capacity and the new licensing regime have caused professional indemnity premiums to skyrocket for advisers, according to a leading insurance broker.
First fully licensed adviser: Process ‘easier than I thought’
30 April 2021 - New Zealand’s first fully licensed adviser under the new FSLAA regime says that advisers who are ready should go for it.
Industry ‘report card’ far from straight As says FMA
29 April 2021 - The FMA says just four new licences have been approved and two declined with one application dismissed due to a shoddy cut-and-paste job.
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.
New adviser laws create opportunities
17 March 2021 - Managing director of partnerships at Tower Insurance Jonathan Beale says the new regulations provide opportunities for collaboration while the new regime beds in over the next 12 to 18 months.
Advisers welcome new regime
15 March 2021 - The new licensing regime for financial advisers has arrived, with hopes the changes will drive a new era of professionalism in the sector.
TSB cuts broker accreditations
26 February 2021 - TSB Bank is set to slash broker accreditations at group and company level ahead of the new licensing regime.
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.
Safety a priority for advisers: Financial Advice NZ
16 February 2021 - The safety of advisers and their families is a priority during the latest level three lockdown, says Financial Advice New Zealand, as the industry gets to grips with another week of disruption.
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.
FMA’s latest licence numbers show advisers are poised for change
23 December 2020 - The latest figures from the FMA’s transitional licence progress show that a huge majority of the industry are ready for March 15.
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.
Financial Advice NZ and FMA partner to launch full licensing application guide
12 November 2020 - The free event, happening November 17 both online and in-person, will be a chance for advisers to see the FMA’s full licence application guide.
Adviser consultancy firms say full licensing provisions bring mandate for change
10 November 2020 - The full licence provisions bring certainty and a mandate for change, say adviser consultancy firms, Compliance Refinery and Strategi Group.
Full licence provisions to be released by mid-November
15 October 2020 - John Botica told attendees at the FSC Generations conference to expect to see full licensing provisions from the FMA by mid-November.
Licensing insurance for financial advisers
13 October 2020 - Russell Hutchinson takes a whimsical look at what this kind of cover might offer.
FMA Supervision Insight Report: The good, the bad and the ugly
29 September 2020 - Industry reactions to the FMA’s recent report in light of incoming regulation changes.
Firms will need to 'consolidate and grow'
8 September 2020 - Small advice firms are looking for opportunities to sell their books of clients or join forces with larger organisations as the deadline for licensing looms, one adviser says.
Level five isn't the big issue for advisers; It's something else
2 September 2020 - Insurance adviser Jon-Paul Hale says advisers are getting hung up on level five qualifications, when the real issues they should be focusing on are much bigger.
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.
Start date for regime unlikely to change again
21 August 2020 - New lockdown restrictions are unlikely to push out the start of the new financial advice regime.
Death of small advice firms exaggerated: FMA
7 August 2020 - Advisers who have registered for a financial advice provider service on the Financial Services Provider Register but who have not yet finished their application for a transitional licence are being reminded to keep moving.
FMA restarts regulatory activities
2 August 2020 - The Financial Markets Authority says regulatory activities will restart in a “phased approach” as New Zealand continues to respond to the disruption caused by Covid-19.
Some sense with regulation
27 July 2020 - Recent discussion papers show "sense is prevailing" says Jon-Paul Hale.
Commission disclosure: What's material?
6 July 2020 - Advisers' requirements to disclose what they're paid under the new financial advice regime will centre on what clients might consider a material influence.
Final disclosure regulations welcomed
25 June 2020 - Tweaks to the disclosure regulations for financial advisers will make the rules more workable, industry participants say.
Mixed response to full licensing details
23 June 2020 - The FMA's plans for full licensing under FSLAA have drawn a mixed response from mortgage advisers, with fears of rising compliance costs in the industry.
Advisers 'firebreaker' for clients, Botica says
20 June 2020 - Financial advisers are keen to engage with full licensing proposals – and have been able to prove their worth during the country’s response to Covid-19, the Financial Markets Authority says.
Licence classes welcomed, more clarity needed on some criteria: Shanks
17 June 2020 - Four of the proposed full licensing criteria for financial advisers deserve further attention, Financial Advice New Zealand says.
FMA finally shows what full licensing looks like
17 June 2020 - Adviser firms will be licensed under FSLAA according to the size and scope of their businesses, it has been revealed.
Applications show small advice firms still see future: FMA
19 May 2020 - Some advisers might have hit hard financial times due to the Covid-19 outbreak but large numbers are focusing on the future, the Financial Markets Authority (FMA) says.
FSLAA overachievers 'could be collateral damage'
2 April 2020 - A delayed start for the Financial Services Legislation Amendment Act regime is the right thing to do – but it could be a problem for proactive advice providers who had already started to move their businesses towards licensing, one financial services law expert says.
Licensing won't start until next year
26 March 2020 - It is expected that the new financial advice regime will not begin until March at the earliest.
Transitional licensing start date pushed back
24 March 2020 - Commerce Minister Kris Faafoi is pushing back the start of the adviser licensing regime.
Regulation slowing: Is FSLAA next?
22 March 2020 - The Government and regulators have dialled back much of their regulatory work at the moment and are now facing pressure to extend the deadline for transitional licensing.
Groups apply for transitional licensing
12 March 2020 - Dealer groups have stepped up preparations for the new regulatory regime by applying for their financial advice provider licences.
Jeff Royle targets industry leavers
11 March 2020 - High profile mortgage adviser Jeff Royle of iLender is offering an alternative service for brokers who want to exit the industry.
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.
FMA needs more money
30 January 2020 - The Financial Markets Authority expects to collect $1.2 million in licensing fee revenue as it works through the process of granting FSLAA licences over the next year, a new document shows.
Licence applications still slow to roll in
13 January 2020 - The next couple of months may bring a rush of transitional licence applications, it has been predicted.
[The Wrap] Five predictions for 2020
10 January 2020 - It's the start of a new year and a new decade. While it's 2020, Philip Macalister looks ahead and makes some predictions around what may happen in the financial advice sector this year.
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.
First FAP licences issued
1 December 2019 - The first transitional licences have been issued to financial advice providers under the new regime.
[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.
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.
What to do, what to do …
8 October 2019 - Although compliance with the Financial Advice Code should be a given there are some missing pieces from the puzzle of compliance under the new regime.
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?
Insurers won't be responsible for advisers 'at this point in time'
2 October 2019 - A new conduct regime will include "future-proofing" in case financial advice providers do not conduct themselves properly.
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.
Govt not throwing baby out with bathwater: Ballantyne
25 September 2019 - Government moves to introduce conduct licensing for insurers are being welcomed as proof it's taking a sensible approach to reform.
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.
Advisers feeling overwhelmed by change and scrutiny, group says
19 September 2019 - Financial advisers are struggling mentally with the amount of change they are being forced to go through and need more than just business and licensing support, one dealer group says.
[The Wrap] Let's not follow what's happening in Australia
6 September 2019 - This week’s Wrap is a sobering one and one with some lessons from Australia we don’t want to repeat.
Kepa appoints compliance consultant
2 September 2019 - Adviser group Kepa has appointed a new adviser standards and compliance consultant as it works to help advisers transition to the new licensing regime.
[The Wrap] Introducing the new type of financial adviser (Not)
23 August 2019 - One of the things which impacts on the standing of financial advisers is the dodgy people who pretend to be be advisers but work outside of the regulated market.
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.
FMA boss tells RFAs the clock is ticking and they better hurry up
12 August 2019 - Registered financial advisers have been warned by the regulator that the licensing clock is ticking and they better hurry up if they want to remain in business.
Transitional licence not a free ride
26 July 2019 - Transitional licensing will give adviser businesses time to work out how they want to approach the new regime, but no one should expect it to be an easy ride, Financial Advice NZ says.
Here's how licensing will work
25 July 2019 - The Financial Markets Authority will start accepting transitional licence applications on November 4 from advisers wanting to be financial advice providers (FAP) under the new regime.
Licensing 'progressing as intended'
11 July 2019 - The new financial advice regime will involve many different pieces of regulation working together in a way the Financial Advisers Act environment did not, the chairman of the Code Working Group says.
Advisers ask: Should we have to pay for licensing help?
8 July 2019 - The Financial Markets Authority says it will help advisers understand how licensing works – but if they want to know what is the best path for them to take, they may need to pay for professional advice.
Qualifications focus 'upside down'
4 July 2019 - Advisers who’ve focused on getting a level five qualification to enable them to transition to the new advice regime may have taken the wrong approach, an adviser coach says.
[UPDATED - With FMA comment] Call to ensure efficient advice licensing
1 July 2019 - Government has been warned there will need to be systems in place to ensure that financial adviser licensing costs do not blow out to the same extent that some FMCA market licenses did.
Licensing takes on some of code obligations
25 June 2019 - The Financial Markets Authority is consulting on two proposed standard conditions for transitional licensing - and they are things that are currently dealt with by the code of conduct for advisers.
900 advisers expected to leave the industry
24 June 2019 - The Ministry of Business, Innovation and Employment predicts around 900 advisers will exit the industry when the new financial advisers laws come into effect.
MBIE estimates 1733 single-adviser firms in new regime
19 December 2018 - The Ministry of Business, Innovation and Employment (MBIE) has laid out the number of financial advisers it thinks will continue on to hold licenses under the new financial advice regime.
