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  1. #1
    Join Date
    Aug 2003

    Default The FMA financial advisor licence

    After Bernie Madoff (remember him?) there was concern that if it can happen in the USA it could happen here. The FMA came online 3 years later (2011) and they're catching criminals like Barry Kloogh but it seems all too late, after victims lose their life savings etc. So are Financial Advisors audited? Spot checks on their dealings etc? There seems to be a missing link, a lack of proactive action to catch these criminals 'before' years go by and the number of victims start adding up.

    Well, times are changing and it's about time too. The new financial advice regime from 15 April 21 is licence based. To give financial advice (and there are many categories) to retail customers you'll need a licence. In time there really is going to be a cleaning out of the sector and it's happening now the deadline for a transitional licence is nearing.

    There are fees to pay, more paperwork etc. Initially the transitional licence is easy to get as the FMA just want the registrations the tough love starts from April 21.

    Does anyone know if their broker or advisor is calling it quits?

    Our financial advisor has just sold out to a larger biz and with it gone is the personal touch.

    Exempt are investment property consultants. Not sure if insurance brokers need the licence.


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