Legal
Australia And New Zealand Sign Financial Advisor Agreement
The Australian Securities and Investment Commission
and New Zealand’s Financial Markets Authority have announced
mutual recognition
arrangements for Australian and New Zealand financial advisors.
This will enable financial advisors to provide
services in each other’s countries based on the qualifications
and experience
they have attained from their home country, as part of a drive
for greater ease
of movement between the Antipodean countries.
FMA chief Sean Hughes said: “The announcement is a
significant step which supports our mutual desire for a more
dynamic single
economic market between New Zealand and Australia – particularly
in financial
services. It is important that we have taken this early
initiative in the area
of financial advice – which is so critical to the financial
health of our communities
on both sides of the Tasman.”
ASIC chairman Greg Medcraft said: "The mutual
recognition arrangements will strengthen the Australian and New
Zealand
financial services industries by increasing competition and
lowering
transaction costs. We hope many financial advisors here and in
New Zealand take
advantage of this new arrangement."
The trans-Tasman mutual recognition of financial
advisers will take effect from 6 July 2012.
