Deadline looms for advisers to license or leave

Across the Tasman, if advisers keep leaving at the same rate, within five years Australia will run out financial advisers. (Image: Getty)

David Chaplin

Wed, 12 Oct 2022

September 30 was a soft target, not a hard deadline, but about a third of New Zealand financial advice businesses missed it, anyway.Figures released by the Financial Markets Authority (FMA) earlier this month show 66% of advisory businesses had applied for full licensing under the new regulatory regime due to take effect next March.‘Financial advice provider’, or FAP, applications lodged after the end of September might not be processed in time for the start of the full-licensing world, the FMA had warned the industry countless time...

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