FSC creeps further into adviser land
The Financial Services Council has provided another guide for financial advisers.
Friday, March 11th 2022, 3:25PM
The council has launched a guide to help professional financial advice providers to plan for business succession in times of disruption and change: its Locum Financial Advice Arrangements – A Guide for Financial Advice Providers document.
When financial advice was brought under the Financial Markets Conduct Act 2013 on 15 March 2021, industry regulation changed from supervising individuals, to licensing and supervising financial advice providers (FAPs). With this change came an expectation that licensed FAPs possess the systems and processes necessary to continue providing financial advice if a key person becomes unavailable.
Mark Banicevich, lead author and co-chair of the FSC Professional Advice Committee said locum adviser arrangements are an essential part of a business continuity plan for any FAP that relies on a key person for financial advice delivery.”
“Over the years, unexpected tragedies have left some FAPs without a financial adviser, and their clients have been without support while the situation is resolved. With this guide, we aim to help small businesses arrange locum advisers in advance of tragedy, so if something happens, the customer experience faces minimal disruption,” Banicevich says.
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