From 17 March 2023, all financial advice providers (FAPs) are required to hold or operate under a full licence from the Financial Markets Authority (FMA) if they want to provide regulated financial advice to retail clients.
This follows a two-year transition period, since 15 March 2021, during which FAPs were allowed to operate under a transitional licence.
According to a media release from the FMA, as of 17 March 2023, over 2,500 FAPs are either directly licensed or operating as an Authorised Body.
The FSC recently held its Future Ready Advice Summits, which brought together the professional advice communities in Christchurch, Wellington and Auckland to network, learn and share insights into how to navigate the new regime.
The FMA's Michael Hewes, Anita Frazer and Derek Grantham had a conversation with Mark Banicevich ahead of the new regime taking effect:
Hon Dr. Duncan Webb and Andrew Bayly also shared their views:
Access to quality advice is a key part of how we will grow the financial confidence and wellbeing of New Zealanders, and so as FAPs and financial advisers continue to navigate the new regime, the FSC will be here to support and guide.
If you are employed by an FSC member organisation and would like to help us do this, you are welcome to join the FSC's Professional Advice Committee. Meetings are held on the third Thursday of each month, and you can find out more by emailing fsc@fsc.org.nz with some more detail about why you'd like to get involved.