The Ministry of Business, Innovation and Employment (MBIE) says the FMA is expecting to gain $1.2 million in licensing fees from financial advisers as they apply for FSLAA licenses under the new regime, according to a new discussion document.
MBIE noted that the FMA incurred a “small operating deficit” of $172,000 in 2018/19, and is expecting a further deficit of around $4 million in 2019/20. This has been attributed to the increased cost of staff to support the ongoing conduct and culture reviews and preparation for the new financial advice regime, which has involved “significant market engagement,” development of licensing models and building a full IT system.
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