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Legal and regulatory update for the Life and Health Insurance sector

FMA warns new regime concerns all advisers, and more daily news

The FMA has said that the new regime is intended for all advisers, including advisers are no longer looking for new clients. Director of market engagement, John Botica, has clarified that all advisers will need to be fully licensed. The FMA has warned that they will be following up on adviser to ensure they are all licensed. If advisers aren’t, the FMA will take action. Botica has said the 90 day period is intended for paperwork.

“It is the final working day before the start of the new financial advice regime, and the FMA has warned that it will be following up every registered adviser to make sure everyone is operating under a license.

John Botica, director of market engagement at the FMA, said there had been some confusion in the months preceding the start of the regime, with some advisers believing they do not need a license - however, he said that every adviser will need to be fully licensed, regardless of whether or not they are taking on new clients.

“We will be tracking every authorised and registered adviser to follow their license status through on the FSPR,” he said.

“If you are operating outside of the law, we will take enforcement action.

“Come March 15, you must be operating under the new regime and you must either hold a license, or work for someone who has a license. The 90 days between March and June is simply the opportunity for you to do the paperwork.”” Click here to read more

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