PAA outlines plans to authorise all advisers

The Ministry of Business, Innovation and Employment released, on Friday, copies of the 167 submissions it received on the FAA Review Options paper. Submissions were made from a range of organisations working in the advice space, however Kepa was the only group working in the mortgage broking sector that made a submission.

In its submission Kepa said that mortgage advisers should disclose their remuneration as a percentage of the mortgage being sought. 

It said that licensing should be available to dealer groups and businesses with more than 10 advisers.

The Professional Advisers Association, which represents a large number of mortgage advisers presented a package for change. It said all advisers should be Authorised and the RFA and QFE designations should go.