Reasonable grounds, regulatory returns and new Future Ready dates

Welcome to the latest update for Professional Financial Advice Providers from the FSC.

Find out more about the latest Financial Markets Authority (FMA) guidance on 'reasonable grounds', the finalised regulatory return questionnaire for licensed Financial Advice Providers and the new dates for the postponed Future Ready Advice Summits in Wellington (14 March 2023) and Auckland (15 March 2023).

FMA guidance on giving financial advice that is suitable

On 3 February, the FMA released new guidance for those giving financial advice. The guidance focuses on giving financial advice that is suitable (Code Standard 3 of the Code of Professional Conduct for Financial Advice Services).

Find out more via FSC Members Minter Ellison Rudd Watts, who have outlined the new guidance to help advisers assess whether they have met the requirement of having ‘reasonable grounds’ for financial advice given on investment products.

FMA’s guidance to financial advisors on ‘reasonable grounds’ (minterellison.co.nz)

Don't miss out: New dates announced for Future Ready Advice Summits in Wellington (14 March) and Auckland (15 March)

With Cyclone Gabrielle causing widespread disruption, our thoughts remain with those that continued to be impacted.

The FSC took the decision to postpone the Wellington and Auckland events, and we sincerely thank all of our delegates, speakers and sponsors for your patience through the disruption that has been caused.

It’s vital we support advisers with life after licensing, and as such we’re pleased to be able to reschedule these two events for the week that full licensing comes into force.

• Wellington: Tuesday 14 March 2023, Sky Stadium
• Auckland: Wednesday 15 March 2023, The Cordis Hotel (please note the change of venue)

Find out more and register today.

FMA finalises regulatory return questionnaire for licensed Financial Advice Providers

On the 15 February, the FMA confirmed the information FAPs must provide in their regulatory returns.

Licensed FAPs are required to complete an annual regulatory return for the 12-month period ending 30 June and submit it to the FMA by 30 September.

There are different regulatory return requirements for Class 1, Class 2 and Class 3 licensed FAPs, with the questions for each available on the FMA website.