Dealer groups prepare for legislation change
When the Financial Services Legislation Amendment Bill becomes law, it will introduce a regime in which it will be adviser businesses that are licensed.
Scott Black, chief executive of Share, said his research indicated about half the groups in the market intended to become financial advice providers (FAPs) under the new law, providing a regulatory safe haven for all their advisers.
Others said they would offer it as an option only for a proportion of their advisers, encouraging the remainder to take up individual licenses.
Black said the emphasis had changed over time from an idea that licensing would be costly and complex for individual advisers, to an understanding that regulators would want to encourage small groups and sole advisers to apply for licenses.
Click the button below to subscribe and will have free unlimited access for a limited time to full article and all other articles on the site.
You will also be able to comment on articles on Good Returns.
