Information realised by the FMA show that 949 transitional licence applications had been approved as of 21 August 2020. The approved licences represent over 7,000 advisers. Katrina Shanks said that she expected more applications to be processed as she doesn’t see a sign of an exodus.
“The FMA said that, as of August 21, it had approved 949 transitional licence applications, representing more than 7,000 financial advisers.
Everyone offering personalised financial advice must have their own financial advice provider licence by March 15, or work under the umbrella of another provider.
Financial Advice New Zealand chief executive Katrina Shanks said she expected more applications were still to happen.
She said there was no sign of an “exodus” from the sector and there were 10,000 financial advisers registered.” Click here to read more
Chatswood produces a running estimate of the total number of financial advisers we expect to be covered by the regime which will be updated and shared in the forthcoming life and health sector quarterly review.
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