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Hundreds of financial advisers in New Zealand will have to stop giving advice on investment products from July as they have not attained the necessary qualifications.
New regulations will make it an offence for unlicensed financial advisers to provide retail clients with personalised investment planning services and financial advice on investment products, managed funds and KiwiSaver, a voluntary, work-based savings initiative.
However, the Financial Markets Authority (FMA) says over 700 advisers have not met the 17 June target to complete the competency assessments required and get them processed, New Zealand Press Association reports.
Mel Hewitson, FMA's director of financial adviser regulation, said: "It's clear they're running the very real risk they won't be authorised in time."
Over 600 advisers have been authorised to date and the regulator says it will take action against anyone falsely claiming to be an authorised financial adviser after 1 July.
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Mmmm
One wonders what NZ's FMA will suggest clients of these firms do given how there will be fewer qualified advisers than non-qualified. An unintended consequence perhaps? Now there's a familiar tale!
Posted by: Duncan Carter
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NZ advisers
This is not any surprise and even more important is that when RDR comes in 1/1/2013 even if you have the qualifications most will not be able to make a living. It will be inveresting to see in NZ 1 yr from start how many are still in bussiness
Posted by: robert Lundon