FSPR deadline causes panic

The Financial Service Providers Register has threatened to de-list advisers who have not linked their registration to a financial advice provider or authorised body under the new regime, causing panic across the industry.

Under the new regulatory regime, advisers need to ensure their FSPR registration is linked to a FAP or authorised body. 

FAPs and ABs must add their FSCL membership number onto the FSPR and link their advisers by June 15. 

Advisers need to login and insert their own FSCL membership number, and confirm with their FAP/AB that they have been linked.

However, many advisers have not yet taken steps to go through the administrative steps with the FSPR.

The lack of action has prompted the FSPR to send an email to advisers, notifying them of an intention to de-register them.

Brokers said some people had been given notice of an intention to de-register them within ten days.

Bruce Patten of NZFSG said "an avalanche of people" had contacted the group, concerned over their FSPR registration and looking for advice. 

"There's a lack of understanding about this, and many people have ignored previous emails," Patten said. 

In response to "a high volume of calls and emails" from advisers, FSCL has sent out details on how to complete the linking and registration process with FSPR. 

Information on how to complete the process can be found here.

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