Licensing fee increase
The Ministry of Business, Innovation and Employment (MBIE) gazetted regulations for the new regime yesterday which set the Financial Markets Authority levies and licensing fees for the new regime.
That has pushed the start of transitional licensing back from November 4 to November 25 because there must be at least 28 days between appearing in the New Zealand Gazette and coming into force.
The new regulations show that a sole adviser practice, with the adviser the only director, or one of only two, would be charged $703.80 to apply for a full licence under the new regime, and then $178.25 for each entity that is proposed to be an authorised body under the licence. That compares to a base fee of $575 as proposed in December.
Bigger advice businesses, but those which do not have nominated representatives, will be charged $882.05 plus $178.25 per authorised body, compared to $730 proposed earlier.
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