Hundreds of NZ advisers face qualifications cliff edge

clock

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

  • 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

Join

 

Already a Professional Adviser member?

Login

More on Regulation

FCA: Simplified advice rules update imminent; MPS review outcome set for 2027

FCA: Simplified advice rules update imminent; MPS review outcome set for 2027

Regulator's Kate Tuckley gives update

Isabel Baxter
clock 08 September 2026 • 3 min read
DB transfer adviser hit with provisional FCA ban and £742,700 fine

DB transfer adviser hit with provisional FCA ban and £742,700 fine

Daniel Thomas advised 53 clients, including four British Steel scheme members

Sophia Panayi
clock 03 September 2026 • 2 min read
Proving good customer outcomes still a challenge for financial planners

Proving good customer outcomes still a challenge for financial planners

Firms face practical challenges in Consumer Duty board reporting

Sophia Panayi
clock 03 September 2026 • 2 min read