Regulator on the road
Thursday, February 17th 2011, 12:15PM 
2 Comments
by FMA
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On 18 February 2011 at 7:26 am Murray Weatherston said:
A Question for Mel about the compulsory levy for the reserve EDRS
Now that DRSL has shown itself to be a full blown competitor to other EDRS, can you please explain the rationale of why those of us who have chosen to join a non-reserve EDRS are required to contribute to DRSL profitability as well?
I can see why we might be forced to pay a levy to a genuine scheme set up to pick up only those who did not join a public scheme (a la a "safety net" social welfare system).
But the way things have panned out, DRSL is not that design.
Thanking you in advance for a speedy response
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Number of AFA’s 79
Number of applications being processed 196
42 days until the recommended application deadline.
(The above is from the Securities Commission's own website)
So, where are the 5,000 + advisers that were apparently going to be rushing to be authorised? As lots of readers have said on here previously the regulators have just "assumed" advisers would go down the AFA path. I think someone is going to have some serious explaining to do to the Government given how much money has been spent on regulation. What was the amount I saw someone quote last time - $5.2M??