Full licence provisions to be released by mid-November

John Botica

Leaders of the upcoming regulation change spoke positively about the future of financial advice in New Zealand at the virtual conference yesterday.

Director of market engagement at the FMA, John Botica said that 80% of advisers are now covered by transitional licences, “proof that the regime is flexible and fit for purpose.”

Of those 80%, 50% were single adviser businesses and 30% were shops with between three to five advisers.

Advisers with transitional licences will not have long to wait before finding out what they will need to do to gain full licences. Botica announced that “final standard conditions for full licences will be released by mid-November.”