New push to get advisers fully licensed

A new attempt to encourage advisers to apply for full licensing starts next week.

It consists of a series of free workshops run by the Financial Markets Authority (FMA). They aim to guide financial advisers through the process of applying for Class 1 licences.

A Class 1 licence applies to sole operators.

The workshops are part of the FMA’s campaign to encourage financial advice providers to complete their full licence applications by the target date of September 30th.

This process is lagging way behind schedule.

The first online session is August 9 and it will be followed by five others.

The six breakfast sessions will be hosted by experts and are aimed to make the Class 1 application process easier to navigate.

The FMA says around half of New Zealand’s 1835 financial advice providers are smaller firms run by individuals.

“They really are the backbone of the financial advice industry,” said the FMA's director of market engagement, John Botica.

“These online sessions have been tailored to help them successfully prepare and apply for their full licence from wherever they’re based.

“For those who are uncertain about taking this next step, we hope that this programme of six webinars will act as a circuit breaker, giving them the confidence to proceed with their applications.”

Each of the six sessions covers a different section of the Class 1 application process. The full programme is:

  • Week 1: Making a start – getting the basics right
  • Week 2: Navigating the online form – outsourcing, BCP and cyber security
  • Week 3: Navigating the online form – competency
  • Week 4: Navigating the online form – oversight and conflicts of interest
  • Week 5: Navigating the online form – code of conduct, complaints, record keeping
  • Week 6: Finalising your application and getting ready to submit.

The FMA says it wants all applications in by September 30, otherwise it cannot guarantee to have them processed by the cut off date next March.

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