Ten financial advisers have gained authorisation as new rules governing the profession take effect today.The new regime requires financial service providers working in banks, finance companies or as private advisers to sit an exam and join a disputes reso
Ten financial advisers have gained authorisation as new rules governing the profession take effect today.
The new regime requires financial service providers working in banks, finance companies or as private advisers to sit an exam and join a disputes resolution scheme in order to become an authorised financial adviser (AFA) by July 1.
Commissioner of Financial Advisers David Mayhew gave certificates to the first to qualify at a ceremony in Auckland today.
They were: Verleene Robertson, Gavin Busch, David Milner, Simon Hassan, Colin Vazey, Selwyn Paynter, Sian Ruth, Andrew Verrall, Katrina Hawker and Michael Taylor.
A further 4000 have taken the first step in the process by registering for qualifications and 2128 have booked examination dates.
Advisers also need to gather testimonials and develop comprehensive business statements.
While Mr Meyhew was encouraged by the numbers on track for the July 1 deadline, he warned there would be m any who would leave things too late and could face bottlenecks in the exam process.
“The first AFAs are to be commended for preparing for the new regime so promptly. They’ve shown the kind of professional responsibility that the new regime is designed to promote among all financial advisers,” he said.
He encouraged advisers wishing to qualify as an AFA to keep moving promptly through the assessment process.
“From early next year the Securities Commission will be signaling to the public that if they want personalized investment advice they should be dealing with an AFA.
“Investors have a right to expect their adviser to engage now to obtain the professionalism expected of them under the new regime,” he said.
