Propser and mySolutions team up

The two adviser businesses have formed an "alliance" to help their mortgage advisers access a wider range of resources under the new FSLAA regime. 

Under the agreement, advisers at both companies will be able to access e-lodgement tools, maximum borrowing calculations, compliance support and video conferencing.

It comes as smaller groups attempt to deal with a greater compliance and regulatory burden under the new regulatory regime. 

Prosper owner Ali Toumadj said the deal was "key in the support, development and success of our members’ business, and we are dedicated to helping Kiwis enjoy financial security and prosperity".

He said the two businesses would work with advisers across four key areas, business compliance, adviser compliance, agency and product provider compliance, and regulatory reporting.

"We want to confirm that they are all compliant under the transitional licence, and prepare them for their obligations as a FAP licensee, Authorised Body or financial adviser under the full licensing regime," Toumadj added.

mySolutions chief executive Kevin Smee (pictured) described the tie-up as a positive outcome for advisers.

The agreement follows mySolutions' break with former group The Mortgage Supply Company, following Mortgage Supply's takeover by Astute Financial Management.