Start date for new regime
Last week the Minister of Commerce and Consumer Affairs Hon Kris Faafoi confirmed the new financial advice regime will come into force in June 2020. You can view the latest timeline here.
140 new AFAs last year
Last week we published our fifth statistical report on Authorised Financial Advisers (AFAs) in New Zealand. This provides a snapshot of the sector for the 12-month period ending 30 June 2018 and showed, among other things, that there were 140 new advisers last year - the highest number in the last three years.
Cut-off date for AFA applications
We’ve received a number of queries from advisers asking what the cut-off date is for AFA applications. It is still possible to apply to become an AFA up until the new regime takes effect in June 2020, however, we recommend you apply as soon as possible – and contact us to ensure we’re aware it’s pending.
While you can apply to be an AFA anytime up to the start of the new regime, we suggest you apply as early as possible to allow us time to complete your application.
If you have a question about the application process, please email questions@fma.govt.nz.
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