What is a QFE?

Financial adviser businesses that have many advisers may choose to become a Qualifying Financial Entity (QFE). The QFE is licensed as an entity, instead of its nominated advisers each having to be individually registered.

QFEs are registered on the Financial Service Providers Register and granted QFE status by the Securities Commission.
A QFE is responsible for the conduct of all of the fi nancial advisers it employs. A QFE can also take responsibility for advisers who are not its employees. These advisers are called Nominated Representatives. A Nominated
Representative is a person who is nominated by the QFE to provide financial adviser services on its behalf.

The QFE is responsible for the sound delivery of advisory services by its financial advisers and for encouraging their professionalism and integrity. A QFE must ensure that all its Nominated Representatives comply with the obligations of the legislation. It is accountable for the advice they give.

For more information, please visit http://www.sec-com.govt.nz/far/qfe/

Updated category 1 & 2 product listings

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.

Asset Magazine - A Dummies Guide to QFEs

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

When do financial advisers have to register?

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.

Sovereign takes the lead in a new regulatory world

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’).