The Financial Markets Authority welcomes the statement by the Minister of Commerce and Consumer Protection, David Clark, on the introduction of the new system of regulation for financial advice.
Under the new regime, anyone providing regulated financial advice to private clients must either be licensed to operate as a financial advisory service provider. All financial advisory providers are now subject to the same obligation to put the interests of their clients first and must adhere to a new code of conduct.
John Botica, FMA director for market exposure, said the start of the new licensing system today marks the culmination of nearly five years of work promoting public confidence in the financial advisory sector.
“More than 10,200 financial advisors have entered the new licensing system, with more than 1,700 transition licenses approved and nearly 1,000 authorized entities. Anyone not working under an interim financial advisory provider license must apply for a full license now. The transition period gives the consultants two years to meet all the competence, knowledge and qualification standards required by the code of conduct. “
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