AFAs risk suspension
Authorised Financial Advisers who haven’t renewed their business statements on their anniversary risk being put out of business.
Tuesday, August 7th 2012, 7:28AM 
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The Financial Markets says that at the end of May, 719 AFAs were due to confirm that their adviser business statements are current. However so far 67 have failed to do so.
The FMA says that even if an AFA is no longer practising, or their circumstances have changed, they are still required to email FMA on the annual anniversary of their authorisation.
The FMA is working with the relevant AFAs to make sure they understand the consequences of failing to comply which include:
· Cancelling or suspending an AFAs authorisation
· Debarring an AFA from reapplying for authorisation for a specified period
· Amending the terms and conditions of an AFAs authorisation; and
· Issuing a written direction.
The FMA was unable to supply statistics for the end of June and July as these are still be compiled.
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