The Financial Markets Authority (FMA) has wrapped a surprisingly great idea in faulty packaging, according to a leading industry lawyer. David Ireland, Kensington Swan partner, said the FMA plan, released in a new consultation paper last week, to split full financial advice licensing into three streams spoilt only by the naming conventions. Under the FMA… [Read More…]
Search Results for: FAP
FAPs soar above 200 as advice industry taxis to FSLAA runway
Over 200 financial advice providers (FAPs) have been cleared for take-off ahead of the June 29 advisory regime change with a long queue forming behind, according to Financial Markets Authority principal consultant, Derek Grantham. Grantham told a packed-to-capacity Financial Services Council (FSC) advice summit at the Sky Stadium in Wellington last week that the transitional… [Read More…]
Conduct becoming: why FAPs could be in the firing line
The government has reserved the right to extend proposed financial institution conduct regulations to the yet-to-be established licensed advisory sector. In a Cabinet paper backgrounding the new bank and insurer conduct regime proposals released last week, Commerce Minister Kris Faafoi says Financial Advice Providers (FAPs) could ultimately be drawn into the mooted regulatory environment. “I… [Read More…]
Milestone merger heralds new advice era as FSLAB slips through (with FAP SOP intact)
The just-passed Financial Services Legislation Amendment Bill (FSLAB) will mark time for the one-man band advice business in NZ, according to Richard Holden, director of newly-expanded advisory group, Milestone Financial. “It will be very difficult operating [under FSLAB] as a one-man band,” Holden said. “I couldn’t imagine doing it.” After missing its original March deadline,… [Read More…]
Govt to increase industry levy weight above 80%
Industry share of Financial Markets Authority (FMA) funding will rise to more than 80 per cent by 2022 under changes released by government last week. Historically, government aimed to recoup just 75 per cent of FMA operating costs through levies but the just-published Cabinet paper shows the industry-funded proportion would ultimately jump by 8 per… [Read More…]
Untangling commission disclosure (and other FSLAA fish hooks)
Disclosure of commissions could be one of the major challenges for financial advisers in new regulations laid down by the Ministry of Business, Innovation and Employment (MBIE) last month, according to compliance specialist, Steven Burgess. Burgess, Compliance Refinery director, said while the final disclosure regulations bring much-needed clarity, financial adviser businesses would have to take… [Read More…]
April deadline key for FSLAA licensing
Financial advisers have just six weeks to organise for regime change or risk serious business disruption, according to compliance specialist, Steven Burgess. Burgess, Compliance Refinery founder, said April 29 was looming as a “key date” for transitional licensing applications under the Financial Services Legislation Amendment Act (FSLAA). “The Financial Markets Authority [FMA] has guaranteed to… [Read More…]
Milford hits for six in regional AFA drive
Milford Asset Management has embarked on a nationwide advice blitz with plans to open at least six new branded offices across the country. Philip Morgan Rees, Milford head of private wealth, said the Auckland-headquartered boutique fund manager, was currently recruiting for authorised financial advisers (AFA) in several locations. Morgan Rees said Milford already had financial… [Read More…]
Peak industry bodies pull high numbers for advice summits
Over 1,000 delegates are expected to attend a joint industry body and regulator financial advice game-changer preview event set down for mid-February. The ‘2020 Advice Summits’ – sponsored by the Financial Services Council (FSC), Financial Advice NZ and the Financial Markets Authority (FMA) – have already confirmed more than 900 registrations across the four-city tour… [Read More…]
Transition ignition as 20 plus advice firms file for licence
The Financial Markets Authority (FMA) ticked off more than 20 applications in week one of the advice transitional licensing process. According to a FMA spokesperson, as at last Friday the regulator had received 23 applications for financial advice transitional licences with a couple already approved under the automated sign-up system. “Everything has gone smoothly with… [Read More…]
Mirror-image products see NZ Funds unlock KiwiSaver
NZ Funds has cut-and-pasted its KiwiSaver offering to create a new unlocked product suite. The NZ Funds WealthBuilder range is an exact replica of the Auckland boutique’s KiwiSaver products “down to the last basis point of fees”, according to chief executive, Michael Lang. Lang said the new set of funds, which officially launch on November… [Read More…]
Finzo flicks switch on front-to-back data flow
Hastings-based financial advisory services business, Finzo, has hooked up with Iress to offer a plug-and-play front-end system that synchs in real-time with an investment platform. Nick Stewart, Finzo chief, said the deal to connect the Iress financial planning software, Xplan, directly with an underlying platform was a major upgrade on current practice. Stewart said NZ… [Read More…]
MBIE discloses disclosure regs
Just four months past an indicative deadline and a matter of weeks before transitional licensing begins, the Ministry of Business, Innovation and Employment (MBIE) has handed down draft disclosure regulations under the Financial Services Legislation Amendment Act (FSLAA). The draft regulations, which will apply to all those caught under the FSLAA regime, add flesh to… [Read More…]
TE gets board makeover; FMA boosts executive class
The Trustees Executors (TE) board has been almost cleaned out ahead of a fresh influx of directors. Last week TE chair, Sarah Roberts, and director, Mark Darrow, stood down from the board leaving Matthew Sale as the sole member: all three were appointed near the middle of 2018. However, TE chief, Ryan Bessemer, said four… [Read More…]
Structural issues key in FSLAA world
Business structure will matter more in the long term than regulatory box-ticking ahead of the looming new financial advisory regime, according to compliance specialist, Steven Burgess. Burgess, Compliance Refinery founder, said while the Financial Services Legislation Amendment Act (FSLAA) transitional licensing process – due to start in just over a month – appeared relatively simple,… [Read More…]
NZ Funds stalwart finds Findex; ForBar buys in the Bay
Veteran NZ Funds Management executive, David van Schaardenburg, has left the boutique investment and advice house for a new career at Australian-owned financial services shop, Findex. After 22 years in various roles at NZ Funds, van Schaardenburg joined Findex NZ in August as senior partner wealth with a mandate to develop its “investment advice capabilities”,… [Read More…]
Buyers line up for AMP NZ wealth
Both local and offshore players have already made passes at the now officially on-sale again AMP NZ wealth business, according to local chief, Blair Vernon. “A number parties have shown interests in buying the NZ wealth management business,” Vernon said. “We thought it would be sensible to have a formal process around that.” He said… [Read More…]
No closure on disclosure as FSLAA last leg limps on
The government has missed its June 30 target for finalising draft adviser disclosure regulations, taking the last leg of the Financial Services Legislation Amendment Act (FSLAA) implementation down to the wire. Under its initial guidelines, the Ministry of Business, Innovation and Employment (MBIE) said the final draft disclosure regulations were expected to be ready for… [Read More…]
Finzo ventures into a new dimension
Newly-rebranded financial adviser services firm, Finzo, has rolled out a new UK currency-denominated pension transfer product managed by US fund giant, Dimensional Fund Advisors (DFA). The new DFA product, hosted on the i-Select superannuation scheme, will only be available to advisers using the Finzo platform, the group’s chief, Nick Stewart, said. At a Finzo launch… [Read More…]
New advice brand aims ahead of the FSLAA flock
The Hawke’s Bay-based Boutique Advisers Alliance (BAA) has rebranded under the Finzo banner ahead of the imminent new financial advice regime. Nick Stewart, Finzo chief, said the group, which currently supports four underlying financial advice firms representing about $350 million under management, would apply for a full Financial Advice Provider (FAP) licence once the process… [Read More…]