If your insurance broking business provides a FAS to retail clients, it will be a FAP and it will need to be licensed under the new Bill.
Welcome to the alphabet soup of the Financial Services Legislation Amendment Bill. This Bill if enacted will:
- Repeal the unloved Financial Advisers Act 2008,
- Amend the existing Financial Markets Conduct Act 2013 to include the new financial adviser regulatory regime, and
- Amend the Financial Service Providers (Registration and Dispute Resolution) Act 2008 to accommodate these changes and to eliminate overseas abuse of the Financial Service Providers Register.
Parliament is likely to pass the Bill into law later this year, but it will not go live until the Code of Conduct is finalised. Once it goes live, the FMA will issue transitional licences over a two-year period. After this period expires, the new regime will come into full force. [Read more…]