From 17 March 2023, all financial advisers are required to be licenced under their own or a third party’s Financial Advice Provider (FAP) licence before they can provide financial advice to new or existing retail clients. For more information go to the FMA website.
Most advisers have had their licencing arrangements in place for some time. For those who haven’t or whose arrangements are incomplete or changing close to the full licencing commencement date, we want to ensure you know what nib’s obligations and business processes will be and what you may need to do.
All insurance providers are required to check that advisers have appropriate licence arrangements in place before processing new policy applications or responding to requests for changes to existing policies. nib does this automatically, utilising data obtained from the Financial Service Providers Register (FSPR), which we update monthly.
If you know or anticipate that one or more of the nib Unique Adviser Numbers (UANs) you have nib clients under will not have suitable licence arrangements in place by 17 March 2023, or that the information shown on the FSPR does or will not accurately reflect the licence status for that UAN, please email us on advisersupport@nib.co.nz. Include a brief summary of the situation and your intentions. We want to ensure your clients can continue to receive advice and service.
If you have decided not to put full licence arrangements in place but instead have contracted another suitably licenced adviser to service your clients, please provide us with details of these arrangements if you have not already done so.
If you have any questions or need support in the meantime, you can contact your Adviser Partner Manager.