Professional indemnity update
Legal and regulatory update for the life and health insurance sector

Financial Advice NZ members licencing progress, and more daily news

Financial Advice CEO Katrina Shanks has said that most members are now linked to a FAP. Although there are some members that still need to make changes, Shanks said that members understood what was required of them. Shanks has said that she is encouraging companies who are ready to apply for their full licence, saying that the sooner advisers apply the better.

“Financial Advice New Zealand (FANZ) chief executive Katrina Shanks says she's pleased the vast majority of the organisation's members are now linked to a financial advice provider (FAP) and that the work put in by FANZ to help its members get across the line has been worthwhile.

Shanks says apart from a couple of members who thought they had linked themselves to a FAP but had not, "...everybody seems to be relatively comfortable that they are on the register".

'We had a couple of phone calls after the event, but we worked those out.

"There is still time to contact the companies office and make the required changes...they will have to work through the process of deregistration and can't just do it all straight away."

Shanks says that on the whole FANZ members understood what was required of them.

She says FANZ won't know exactly how many members have dropped off until the end of this month, "but it will be very few".

"This process was relativity simple, obviously the fifteenth of March wasn't the end date in terms of licensing - now we move into the full licensing process and have two years to do this, but that time will go very quickly."

Shanks says FANZ knows some organisations who are ready to apply for a full license and she encourages them to "...get it done and dusted".

"The sooner you apply for the full licence the sooner you can put all of this behind you."

Overall, she says it's been pleasing to see members were prepared for the change and understood the requirements.” Click here to read more

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