tmmonline.nz  |   landlords.co.nz        About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds

NZ's Financial Adviser News Centre

GR Logo
Last Article Uploaded: Monday, November 25th, 9:44AM

News

rss
Latest Headlines

Final numbers out

The Financial Markets Authority (FMA) says the transition to full licensing for financial advisers is a success with more than 2,500 financial advice providers licensed or operating as an authorised body by the deadline.

Thursday, March 23rd 2023, 12:14PM 5 Comments

by Andrea Malcolm

FMA Director of Deposit Taking, Insurance and Advice, Michael Hewes, says that number includes licences issued to sole operators as well as small firms and large entities employing multiple advisers.

New Zealand now has 1,360 licenced financial advice providers (FAPs) broken down by class to:

  • 451 holding a class 1 licence for sole adviser businesses,
  • 855 class with a class 2 licence for businesses that engage more than one adviser,
  • 54 with a class 3 licence for large organisations that engage nominated representatives among their staff.

There are 1,140 authorised bodies (an entity such as a company or partnership) named on FAP licences, and 8,838 advisers on the financial services providers register (FSPR) who will be linked to FAP licences on the FSPR by June 2023.

Nominated representatives associated with class 3 FAP licences total 11,957. 

Hewes says the FMA has been impressed at how many advisers have “recognised the opportunity and willingly done the mahi to meet the new requirements. Collectively, these efforts have further strengthened the sector as a whole.

“The total number of advisers covered by those full licences will be known in June, once their details have been linked to each licence-holders’ registration on the Financial Service Providers Register.”

Hewes says focus on advice will now turn to monitoring and supervising the licensed advice providers, having finalised the questions for regulatory returns that licensees must file every year, with the first due in September 2024.

Tags: FMA

« Kiwi pensions growing fast but still catching upTough times ahead for NZ economy: Nikko economist »

Special Offers

Comments from our readers

On 23 March 2023 at 2:20 pm Andy the adviser said:
It would be interesting to know how many advisers decided not to get a new licence and have left the industry.
On 23 March 2023 at 3:47 pm Matron said:
Is that it? 1,360 FAPs? Oh dear.
On 24 March 2023 at 10:21 am JPHale said:
@Matron, yup. And now the hard work starts, as the auditing and compliance management rolls across them all.

A lot out there still see this as I'm under someone's FAP, but it's my business...

So it's going to be interesting when those management FAPs come knocking and start to insist on certain processes, practices, and potentially providers that the adviser doesn't agree with...
On 25 March 2023 at 9:25 am Murray Weatherston said:
@JP
Those management FAPs surely are not only now going to startknocking on their associated financial advisers doors. They should have been doing that since Mar 15 2021 when transitional licensing be. That's when a FAPs obligations started.gan
On 25 March 2023 at 7:47 pm JPHale said:
@Murray, agree, though with the light touch of the FMA in the transitional period and groups trying to herd people in the right direction, I doubt much door knocking has been done.

Somewhat supported by the comments from providers about client bases suddenly needing to have advisers assigned...

Live in hope, but the reality is likely different...

Sign In to add your comment

 

print

Printable version  

print

Email to a friend
News Bites
Latest Comments
Subscribe Now

Weekly Wrap

Previous News
Most Commented On
Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
AIA - Back My Build 5.44 - - -
AIA - Go Home Loans 7.99 5.99 5.69 5.69
ANZ 7.89 6.59 6.29 6.29
ANZ Blueprint to Build 7.39 - - -
ANZ Good Energy - - - 1.00
ANZ Special - 5.99 5.69 5.69
ASB Bank 7.89 5.99 5.69 5.69
ASB Better Homes Top Up - - - 1.00
Avanti Finance 8.40 - - -
Basecorp Finance 9.60 - - -
BNZ - Classic - 5.99 5.69 5.69
Lender Flt 1yr 2yr 3yr
BNZ - Mortgage One 7.94 - - -
BNZ - Rapid Repay 7.94 - - -
BNZ - Std 7.94 5.99 5.69 5.69
BNZ - TotalMoney 7.94 - - -
CFML 321 Loans 6.20 - - -
CFML Home Loans 6.45 - - -
CFML Prime Loans 8.25 - - -
CFML Standard Loans 9.20 - - -
China Construction Bank - 7.09 6.75 6.49
China Construction Bank Special - - - -
Co-operative Bank - First Home Special - 5.79 - -
Lender Flt 1yr 2yr 3yr
Co-operative Bank - Owner Occ 7.65 5.99 5.75 5.69
Co-operative Bank - Standard 7.65 6.49 6.25 6.19
Credit Union Auckland 7.70 - - -
First Credit Union Special - 6.40 6.10 -
First Credit Union Standard 8.50 7.00 6.70 -
Heartland Bank - Online 7.49 5.65 5.55 5.55
Heartland Bank - Reverse Mortgage - - - -
Heretaunga Building Society ▼8.60 6.75 6.40 -
ICBC 7.49 5.99 5.65 5.59
Kainga Ora 8.39 7.05 6.59 6.49
Kainga Ora - First Home Buyer Special - - - -
Lender Flt 1yr 2yr 3yr
Kiwibank 7.75 6.89 6.59 6.49
Kiwibank - Offset 8.25 - - -
Kiwibank Special 7.75 5.99 5.69 5.69
Liberty 8.59 8.69 8.79 8.94
Nelson Building Society 8.44 5.95 6.09 -
Pepper Money Advantage 10.49 - - -
Pepper Money Easy 8.69 - - -
Pepper Money Essential 8.29 - - -
SBS Bank 7.99 6.95 6.29 6.29
SBS Bank Special - 6.15 5.69 5.69
SBS Construction lending for FHB - - - -
Lender Flt 1yr 2yr 3yr
SBS FirstHome Combo 5.44 5.15 - -
SBS FirstHome Combo - - - -
SBS Unwind reverse equity 9.75 - - -
TSB Bank 8.69 6.49 6.49 6.49
TSB Special 7.89 5.69 5.69 5.69
Unity 7.64 5.99 5.69 -
Unity First Home Buyer special - 5.49 - -
Wairarapa Building Society 8.10 6.05 5.79 -
Westpac 8.39 6.89 6.39 6.39
Westpac Choices Everyday 8.49 - - -
Westpac Offset 8.39 - - -
Lender Flt 1yr 2yr 3yr
Westpac Special - 6.29 5.79 5.79
Median 7.99 6.02 5.79 5.69

Last updated: 20 November 2024 9:45am

About Us  |  Advertise  |  Contact Us  |  Terms & Conditions  |  Privacy Policy  |  RSS Feeds  |  Letters  |  Archive  |  Toolbox  |  Disclaimer
 
Site by Web Developer and eyelovedesign.com