![]() According to current Financial Markets Authority (FMA) figures, 1,354 FAPs are operating under (or have applied for) a full FAP licence and 1,123 authorised bodies are operating under a FAP full licence.Īmong the biggest challenges for some Financial Advice Providers (FAPs) are to fully understand the implications of being responsible for the financial advice provided by those they engage, having monitoring systems in place to ensure financial advice provided is up to date, and building client files to meet record-keeping obligations, Greenslade said. Under transitional licensing rules, next Thursday, March 16, is the last date for a financial advice provider to obtain a full licence and for each adviser to have obtained their New Zealand Certificate in Financial Services (Level 5) version 2. “It is to bring everyone that buys or gets advice about a financial product under the one common piece of legislation (the Financial Markets Conduct Act) and its primary outcome is to ensure suitability of the advice that’s provided,” Greenslade said. ![]() Summing up the purpose of the financial advice regime, Strategi Group executive director David Greenslade (pictured above) told NZ Adviser that it brings the industry under one common set of standards.
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