Group FAPs could limit choice

Mortgage advisers could find their selection of available lenders limited by their financial advice provider under the new regulatory regime, Newpark’s Andrew Scott has warned. Newpark Home Loans general manager Andrew Scott believes group FAPs, with responsibility for diligence on lenders, are likely to have an “approved product list” for their advisers, controlling who they can place business with. “Advisers may join a group thinking they have open access to every lender, but they might be in for a shock, and there could be restrictions on what they can and cannot do,” Scott says. Scott believes group FAPs will be

2019-10-31T12:54:03+13:00Thursday 31 October, 2019|Blog|

Bank licensing conditions for Advisers

Finally, some good news!  About licensing?  Yes, as you shall soon see. You may or may not be aware that there has been a lot of discussion behind the scenes of late regarding the retail banks' approach to the licensing of Advisers.  That's you.  Most (all) of that discussion has revolved around the 'belief' that Advisers will operate directly under the umbrella of a dealer group.  That's us at Newpark. That has some serious implications.  It means that Newpark would assume joint liability for your conduct and culture.  It means costs would skyrocket.  It means that you would effectively become

2019-10-29T21:21:37+13:00Tuesday 29 October, 2019|Blog|

Newpark launches HeadSpace

Financial advisers are struggling mentally with the amount of change they are being forced to go through and need more than just business and licensing support, one dealer group says. Newpark chief executive Melanie Purdey said she regularly dealt with advisers who were becoming stressed or depressed. “We need to give our people a lot more support than just licensing or business development … they are going through a change that is unprecedented for them.” Many were studying for the first time, sometimes in a language that was not their first, she said. They were also under the regulatory, media

2019-10-29T21:22:39+13:00Tuesday 29 October, 2019|Blog|
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