MBIE has published a document covering adviser and FAP responsibilities under the new regime. The document first sets out the rules of engagement, stating that every adviser must be engaged or linked to a FAP. Advisers must ensure the FAP registers the engagement on the FSPR. But to link to FAPs, advisers must first provide the FAP with their name and FSP number.
From 15 March, advisers must have these things before linking to a FAP:
- A RealMe® login
- An online services account with the FSPR
- Authority to update records on behalf of the financial advice provider
In order for advisers and FAPs to engage, FAPs must:
- Log in to your online services account using your RealMe ID and password, and locate your registration in the ‘FSP Registrations’ tab of your dashboard.
- On the ‘View FSP details’ screen, select the ‘Financial Services’ tab and click the ‘Maintain Financial Services’ button.
- Scroll down to the ‘Financial advice service’ where you’ll see the FAs, if any, that you’re linked to.
- Click the ‘Add Financial Adviser’ button and search for the FA you wish to engage, using their FSP number or name. Select the FA from the drop-down list, and indicate whether or not they will be covered by your dispute resolution scheme (DRS).
- Repeat step 4 above for each new financial adviser you add. Please note, multiple advisers are displayed alphabetically. (Cont.)
- When you’ve finished updating your registration, click on ‘Next Step: Declaration’. Review and confirm the declaration.
- Click on ‘Next Step: Review’. Review the information you have entered and tick the check box to confirm the information is true and accurate
- Click on the ‘Submit’ button at the bottom right of the screen.
- Viewing the FAPs financial services, you’ll see that the FAs now appear on the ‘Financial Services’ tab.
To support the new regime being implemented, the FSPR will also be updated. The Companies Office will release guidelines and videos to help users closer to the date.
This video shows the engagement process.
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