Risk Regulatory Update

NZ to recognise Australian financial advisers

The Financial Markets Authority (FMA) in New Zealand is proposing that Australian financial advisers who show competence, knowledge and skills according to its Code of Professional Conduct for Financial Advice Services can possibly work in New Zealand without the same qualifications as local advisers. The changes may apply from as early as 15 March 2020.

Some Australian financial qualifications are equivalent to or greater than the New Zealand standards required for New Zealand advisers under the code. There will be a requirement to hold Australian qualifications and have at least 12 months of work experience in Australia. Consultations will continue until November 20.