By Melissa Higham - 9 Jul 2012
The Trans-Tasman mutual recognition of financial advisers took
effect from 6 July 2012. If you're a financial adviser
wishing to have flexibility to move back and forth between New
Zealand and Australia this offers you a great advantage.
This allows Australian and New Zealand Financial Advisers to
provide services in each other's countries on the basis of
qualifications obtained in their home countries.
The FMA has granted an exemption for Australian qualified
advisers allowing them to apply to be Authorised Financial Advisers
in New Zealand based on their existing Australian
qualifications.
ASIC has amended its regulatory guidelines to give recognition
to New Zealand Authorised Financial Advisers and Qualifying
Financial Entity advisers to enable them to practice in Australia
in certain areas.
It is important to note that the mutual recognition is in
relation to educational qualifications only. The advisers
must still meet other restrictions and conditions such as
compliance with New Zealand Code of Professional Conduct for
AFA's.
If you would like further information on the Trans-Tasman mutual
recognition of financial advisers please contact Melissa Higham.