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Compliance Assurance – How to obtain it in relation to third parties?

Advisers failing to track transitional licence applications, and more daily news

The FMA has revealed that although 400 entities have registered on the FSPR at the companies office to become a FAP, none have initiated the next steps in the process.  During an FSC webinar, John Botica mentioned that an adviser who had received a confirmation email from the Companies Office had mistaken it as receiving his transitional licence. John Botica has urged advisers and groups to follow the application process and assess where there are closely to avoid consequences in March 2021.

“Financial Markets Authority director of market engagement John Botica said there were about 400 entities that had registered for the FAP service with the FSPR but had not yet gone on to the next step.

He told an FSC webinar that he spoke to one adviser who thought that his transitional licence had been granted but he had only received notice that his registration with the Companies Office had been successful.

He said those 400 entities should check back through their processes to see where they were at.

Otherwise they could be in for a nasty surprise next March, he said. “I don’t think you’re going to like the experience if we are rapping on your door [for] operating without a licence.” Click here to read more

In other news:

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AIA: AIA has been nominated as Insurance Employer of the Year at the Women in Insurance NZ Awards 2020

Southern Cross: Southern Cross has been nominated as Insurance Employer of the Year in Insurance NZ Awards 2020

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