Today we discuss the licensing of Financial Advice Providers (FAPs) with the FMA’s Michael Hewes.   

From March 17, 2023 all financial advice providers (FAPs) must hold or operate under a full licence from the FMA if they want to provide regulated financial advice to retail clients.  

With full licensing now in effect, this will continue to give Kiwis greater confidence in consistent standards across the financial advice industry. The value of quality financial advice is particularly relevant in the current environment, when many New Zealanders are navigating challenging financial decisions.  

This follows a two-year transition period, since 15 March 2021, during which they were allowed to operate under a transitional licence. 

Featuring FMA Director of Deposit Taking, Insurance and Advice, Michael Hewes. 

See: 

https://www.fma.govt.nz/business/services/financial-advice-provider/  

Financial advice regulatory regime - now in full effect 
https://www.fma.govt.nz/news/all-releases/media-releases/financial-advice-regulatory-regime-now-in-full-effect/  

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