Future Ready, FSPR changes and a Privacy Commission survey

Welcome to the latest update for Professional Advisers from the FSC.

Find out more about the Future Ready Advice Summits next February, changes to how advisers and FAPs engage through FSPR and a link to a survey to help the Privacy Commission understand awareness of privacy issues in NZ.

Register now for the Future Ready Advice Summit Roadshow in February 2023.

The FSC is delighted to return to in-person professional financial adviser summits across four locations this coming February. The Future Ready summits are designed to help all the advice community, whether a larger provider or individually licensed adviser.

Click here for more information and to register.

Dates: 

• Auckland 15 February 2023 
• Wellington 16 February 2023
• Christchurch 21 February 2023
• Dunedin 22 February 2023

The summits will focus on life after licensing, and how advisers can improve their businesses whilst complying with the regulatory returns that will be required by the FMA in 2024.

Changes to how Financial Advice Providers engage with Financial Advisers in FSPR, and vice versa

As of 26 October, the Companies Office has made some changes to how Financial Advice Providers (FAPs) engage with Financial Advisers (FAs) through the Financial Service Providers Register (FSPR).

• Changes for Financial Advice Providers (FAPs)

When a FAP engages an FA, the FA must now logon to the FSPR and accept the engagement. The FA will receive an email advising them that they need to logon to the FSPR and accept this, and both will receive a confirmation email advising that the status of their FSP has been updated.

Find out more: A guide on linking for FAPs | Financial Service Providers (companiesoffice.govt.nz)

• Changes for Financial Advisers (FAs)

FAs will be able to request an engagement with a FAP through the register, either when or after they register. The relevant FAP will receive an email advising that an FA is trying to engage to be under their license. The FAP will need to login to the FSPR and can accept or decline the engagement. The FA in question will then receive an email advising them of the FAP’s decision.

Find out more: A guide on linking for financial advisers -  Financial Service Providers (companiesoffice.govt.nz)

Have your say: Small Business Privacy Awareness Survey

The Privacy Commissioner is asking for views in their Small Business Privacy Awareness Survey.

You can also find out more about New Zealanders views about privacy in the two-yearly research from the Office of the Privacy Commissioner – Privacy concerns and sharing data (March 2022). The report measures awareness, knowledge, and levels of concern regarding privacy and the protection of personal information in New Zealand.