FMA still working on funding for FSLAA

The Financial Markets Authority didn't ask for any extra funding in this year's Budget to help with implementing a new licensing regime for all financial advisers.

“We have previously said that we are adequately resourced for our current remit,” a spokesman said.

Currently the regulator is funded in part by the Government and part from levies charged to financial markets participants.

FMA has said that it is not exactly sure how many applications from advisers will be received once licensing begins and it was not yet possible to give further detail on how it would be funded.