Hundreds of financial advisers in New Zealand will have to stop giving advice on investment products from July as they have not attained the necessary qualifications.
New regulations will make it an offence for unlicensed financial advisers to provide retail clients with personalised investment planning services and financial advice on investment products, managed funds and KiwiSaver, a voluntary, work-based savings initiative. However, the Financial Markets Authority (FMA) says over 700 advisers have not met the 17 June target to complete the competency assessments required and get them processed, New Zealand Press Association reports. Mel Hewitson, FMA's director of financial adviser regulation, said: "It's clear they're running the very real ris...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
