Sec Com gives clarity on registration and deadlines
Securities Commission director of Financial Adviser Regulation (Implementation) Mel Hewitson says at the moment both the individual and the company have a legal obligation to register separately, with advisers operating under this structure needing to pay two registration fees.
She says the Ministry of Economic Development (MED) is currently considering how registration could be streamlined for sole traders in this situation.
"The government will need to ensure that individual advisers and the companies that are operating in the financial adviser market can be identified, also that the integrity of the dispute resolution arrangements and the authorisation framework under the law are not compromised."
Officials expect to be able to provide an update on these proposals by the end of this month.
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