qocsuing: FMA urges finance advisers to complete licensing now

qocsuing

Time is running out for financial advice providers in New Zealand to obtain their full licence by the cut-off date of March 15.To get more news about obtain fma license brokers, you can visit wikifx.com official website.

That is the date provisional licences expire and without such a licence, advisers will have no choice but to stop working.

Progress initially towards full licensing was mixed amongst the industry, with some firms rushing forward early to get it done and others complaining that it was a hassle to undertake additional study. However, there was a hive of activity in the second half of 2022 which has carried over in the first two weeks of 2023.

Data from the Financial Markets Authority (FMA) shows as of December 11, 73% of the total number of 1,750 financial advice providers (FAPs) are either operating under or have already applied for a FAP full licence.

“We remind the industry that any remaining FAP transitional licences will expire on March 15, 2023,” an FMA official said.

“We are currently contacting all FAP transitional licence holders to ask what their intentions are and if any assistance might be required. We strongly recommend that transitional FAPs intending to apply for a full licence do so immediately to help ensure their licence can be processed in time for March 15, 2023.”“We have the largest number of students coming through our courses and we provide online training, zoom facilities and classrooms which run regularly across the sector,” Relf said.

Relf said the mortgage industry is coming to a pinch point as the deadline for the new financial advice regime is fast approaching.

“Time is running out for those who are yet to obtain their qualification. The message I am hearing at the moment is people think March 15 is the day they need to have everything ready, however February 15 is the last date you can submit your last assessment, so the applicant can have their qualification in time before the cut-off date.”

Meantime, The Adviser Platform (TAP), an adviser support platform which supports its independent mortgage adviser members with resources, tools and support, announced in August a major upgrade to its CRM platform by creating a complete online advice process for mortgage advisers.

TAP managing director Ryan Edwards (pictured below) said for years he had spoken with advisers who were tired of using complicated and expensive systems to deliver advice to clients.“We saw a real opportunity to deliver a cost-effective solution that enabled advisers to simply and efficiently deliver advice,” Edwards said. “The new tool, coupled with TAP’s market-leading compliance and FAP management services, is designed to offer a genuine value proposition for mortgage advisers. We’re committed to supporting the independent adviser market with genuine, tangible services.”