Final numbers out

FMA Director of Deposit Taking, Insurance and Advice, Michael Hewes, says that number includes licences issued to sole operators as well as small firms and large entities employing multiple advisers.

New Zealand now has 1,360 licenced financial advice providers (FAPs) broken down by class to:

• 451 holding a class 1 licence for sole adviser businesses,
• 855 class with a class 2 licence for businesses that engage more than one adviser,
• 54 with a class 3 licence for large organisations that engage nominated representatives among their staff.

Nominated representatives associated with class 3 FAP licences total 11,957.