Triple whammy for some advisers
The Securities Commission and the Companies Office have confirmed that as well as the financial adviser themselves, any company the adviser operates that is deemed to be a financial services provider must be registered too.
The company must also be part of a consumer dispute resolution scheme. However, the adviser can be covered by the company's scheme under Section 19 of the Financial Advisers Act. If the adviser needs to be authorised, the fee for this would come on top.
An adviser operating as a sole trader would see total fees of about $1,415 for authorisation and registration applications combined and would then need to pay to join a dispute resolution scheme on top of this.
The first dispute resolution scheme to be approved - Financial Services Complaints Limited -has a base joining fee of $500, and $500 annually.
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