Canterbury advisers rise to the challenge

Media Release
30 September 2011

76 Canterbury financial advisers have met an extended regulatory deadline to become Authorised Financial Advisers (AFAs).

Due to the disruption caused by earthquakes, Canterbury advisers were given until 1 October to be authorised to advise on investment products and offer services such as financial planning.

Elsewhere in New Zealand, advisers had a 1 July deadline. 97 Canterbury advisers met the July deadline.

FMA Head of Primary Regulatory Operations Sue Brown said the commitment that many advisers have shown to achieving authorisation has been impressive.

"We spoke to advisers shortly after the February earthquake who had suffered considerable personal loss, but what they were still anxious about was being able to help their clients. Their professionalism and commitment to client care define the spirit of the new regulatory era," Ms Brown said.

FMA recently ran an advertising campaign targeted at residential Red Zone homeowners recommending that they seek the right type of professional advice.

"Seeing a professional financial adviser will be very helpful to many Canterbury residents right now, but people need to check they're dealing with someone who is following the new rules. They've been put in place to help protect investors," said Ms Brown.

A full list of AFAs is available on FMA's website www.fma.govt.nz.

Special Red Zone website pages also have information about other types of financial advisers who can help with mortgages and insurance, and about how to check you're dealing with the right type of adviser.

FMA's consumer help line is 0800 434 566.

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