Website list removed
The Financial Markets Authority has dropped its website list of authorised financial advisers because it did not always provide the most up-to-date information, a spokeswoman says.
Thursday, March 26th 2015, 2:30PM
by Susan Edmunds
The new-look FMA website has dropped the list of AFAs. Spokeswoman Shae Skellern said the list had to be updated manually.
Directing consumers to the Financial Service Providers Register instead would give them more accurate information.
The FMA’s website is now linked to the FSPR in three places.
Skellern said that information was a lot more current because, as changes were made, they were updated in real time. “If an AFA registers, or deregisters, or changes their details, it happens automatically. Previously the list was manually updated.”
However, it is not straightforward to find an AFA.
Consumers must go to the FSPR and conduct an advanced search to find “financial advisers”. Then they need to look at each entry to see whether an adviser is authorised or not.
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