Advisers get trans-Tasman recognition

A mutual recognition agreement has been reached between the Australian Securities and Investments Commission (ASIC) and the Financial Markets Authority (FMA). It will enable financial advisers to provide services in each other's countries based on the qualifications and experience they have attained from their home country.

FMA has granted an exemption for Australian qualified advisers allowing them to apply to be authorised financial advisers (AFAs) in New Zealand based on their existing Australian qualifications.

Australian advisers who hold the specified qualifications will be exempt from the educational qualifications requirements for AFAs set out in the Code of Professional Conduct for AFAs, and will be able to hold a licence relevant to their practice area and qualifications in Australia.

The exemption is also subject to a number of other restrictions and conditions, such as compliance with the Code.