Those with licences unlikely to have to undergo another licencing process: FMA

Commerce minister Andrew Bayly had earlier told the conference that he was aware that some organisations held multiple licences and that he was looking at whether that could be streamlined into a single licence as part of his drive to streamline and simplify regulation of the financial services industry.

“I'm nervous about getting in front of the minister,” Barrass said, in answer to a question from outgoing interim FANZ chief executive Tony Dench.

“If you're already licenced to do a particular activity, the move to a single licence is unlikely to mean you having to go through another licencing process,” she said.

Nearly a year on from last year's deadline for financial advisers to gain Level 5 of the New Zealand Certificate in Financial Services, Barrass said that it was “the most successful transition I've witnessed in my career” and “a world-beater.”