4/08/2011
The new legislation has categorised financial products into two categories (Category 1 and Category 2), and sets out which type of adviser is qualified to advise and sell. Many advisers are wondering if the products they sell or have on their books are Category 1 or Category 2 products.
18/01/2011
Asset Magazine look at the QFE space and what it means for advisers.
This article outlines what a QFE is and what options there are for advisers in the new regulated environment.
Asset Magazine - QFE Article Dec 2010
19/11/2010
After consultations with the Ministry of Economic Development this morning, we received clarification on who needs to be registered by 1 December.
16/11/2010
Sovereign is embracing legislation that will set new professional standards for financial advisers by applying to become a Qualifying Financial Entity (‘QFE’).
10/11/2010
The Financial Advisers Disclosure Regulations 2010 (“disclosure regulations”) was recently released.
22/10/2010
The time is fast approaching to book with ETITO for exam assessments.
16/09/2010
In mid-August the Financial Service Providers Register (FSPR) opened.
17/08/2010
People, businesses, and organisations who provide a range of financial services can now apply to be registered. Advisers apply for Registration online, via the company’s office website. Advisers can apply for Authorisation at the same time.
18/06/2010
Sovereign would like to reassure advisers that we continue to work behind the scenes to influence the outcomes of the legislation and develop tools to support you to adapt to the new regime.
11/06/2010
Sovereign is cautioning advisers to resist the temptation to scale back their qualifications following a proposed easing of regulation requirements.
20/05/2010
Sovereign today confirmed its intent to limit the impact on policy holders of impending tax increases on life insurance business, when the new legislation takes effect on 1 July. Sovereign will absorb some of the impact and will also reduce adviser commissions on affected policies.
30/04/2010
Wednesday night, Simon Power, the Government Minister overseeing impending regulation of the financial services, announced that advisers will be given extra time to fully comply with the regulatory regime.
26/04/2010
Sovereign is paying for its key advisers to return to study, so they can get to grips with tough new regulations covering the insurance industry.
15/04/2010
Earlier this week The Companies Office announced that the Financial Services Providers register (FSPR) has been delayed from 31 May to 1 July. All individuals and entities in the business of providing a financial service in New Zealand will have to register on the FSPR. For more information visit the Companies Office website
8/04/2010
On 31 March the Code Committee release the draft Code of Professional Conduct for Authorised Financial Advisers and has called for submissions.
8/03/2010
Over the past week a number of our advisers have approached us for guidance on membership of a dispute resolution scheme. We are in the process of reviewing a number of potential options. Until such time as schemes are approved by the Ministry of Economic Development and the final terms of reference are available, Sovereign is taking a prudent position and will not advise a preferred scheme.
8/03/2010
Sovereign announced today a new partnership with Open Polytechnic of New Zealand to provide integrated training solutions to help financial adviser obtain the government's new National Certificate in Financial Services.
5/03/2010
Registrations are now open for free seminars for Companies Office clients and Financial Service Providers.
18/01/2010
In December, the Securities Commission released the 'QFE Adviser Business Statement Guide'. The guide is useful for businesses looking to become qualifying financial entities (QFEs) and provides a framework for developing an adviser business statement, which a QFE will need on an ongoing basis.
8/01/2010
ETITO, the industry training organisation for the financial services sector has launched a self-evaluation tool for financial advisers.
6/01/2010
In Sovereign's third interview with Angus Dale-Jones he discusses the key differences between authorised financial advisers ('AFAs') and registered financial advisers ('RFAs').
17/12/2009
On October 13 2009, Commerce Minister Simon Power announced that the Government was proposing some changes to the Financial Advisers Ace ("FA Act"), with a particular focus on the qualifying financial entity ("QFE") regime.
17/12/2009
The importance of customer disclosure has always been paramount, and in the new regulatory regime it will be just as important, therefore it’s vital that we ensure customers are well informed of what they need to disclose and why.
2/12/2009
We all have a massive year ahead of us.The watershed of tax legislation and regulatory changes will clearly reshape how our industry operates, and Sovereign is committed to providing you with the knowledge and skills you will need to successfully negotiate this major transition.
2/12/2009
The Director-Supervision at the Securities Commission, Angus Dale-Jones stopped by the Sovereign offices recently to talk about the new regulatory regime, and what it all means.