ASB and Westpac delay licensing decision

The two banks have not yet made a decision on whether they will work with individual businesses that take on a FAP (Financial Advice Provider) licence, whether they will only work with group FAPs, or whether they will work with groups without a FAP licence.

A spokesman for Westpac said the lender was "still weighing up the implications of the law reform". "We’ll contact the aggregator groups directly with our decision in the first instance," he added.

Meanwhile, a spokeswoman for ASB said: "We’re currently reviewing our position and will provide an update to the market soon."

The wait is now likely to go into the new year as advisers await clarity from the two banks. ANZ and BNZ have both set out their position on how they will work with advisers under the new regime.