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 that kicks off in Wellington on February 11.
Richard Klipin, FSC chief, said the high level of interest in the summits is not surprising given the Financial Services Legislation Amendment Act (FSLAA) advice regime due to go live this June.
“We’ve already attracted more registrations than last year’s summits,” Klipin said.
All advisers will have to either have to secure a transitional Financial Advice Provider (FAP) licence or be employed by a FAP by June 29 as the FSLAA era begins.
The new regime represents a radical structural shift, bringing all advisers under a single code of conduct while introducing an industry-wide entity-licensing system.
Klipin said the half-day summits – followed by a master class session for those seeking more detail about the new code of conduct – would offer insight from industry leaders, government and regulators.
He said the ‘Get in Shape’ roadshows would cater to advisers across the spectrum including the insurance, mortgage, investment and financial planning sectors.
FSLAA could usher in more than 20,000 individuals under a common code of conduct compared to the just 2,000 or so authorised financial advisers (AFAs) who must abide by the previous higher regulatory standards.
The Financial Services Providers Register (FSPR) lists some 9,300 individuals as ‘financial advisers’, of which just under 2,000 are AFAs.
Headlined by Commerce Minister, Kris Faafoi, the advice summits also feature presentations from the two FMA executives leading FSLAA advice regulatory realignment – John Botica and Derek Grantham – as well as Code Committee chair, Angus Dale-Jones.
“It’s great to have the Minister with us again in 2020 and it is a fantastic opportunity for the industry to hear first-hand from the Minister about the Government’s programme of reform for the sector,” Klipin said in a statement.
In addition, the summits will include input from financial advice business owners on how they plan to adapt to the new regime.
Registrations for the summits close on January 31 with a GST-inclusive price of $65 (plus $30 for the master class). Click here for further information.
Klipin said demand has also been high for a breakfast session with FMA chief, Rob Everett, slated for February 4 in Auckland that will outline the regulator’s plan for 2020.
The FSC has already sold about 200 tickets for the early morning briefing at a price of $60 for members (or else $100), which has now been shifted from the Chapman Tripp Auckland office to the Pullman Hotel to accommodate the crowd.