The financial advice provider (FAP) licence of Foundation Advice Limited (FAL) has now been cancelled after the business went into liquidation last month.

According to a release by the Financial Markets Authority (FMA) - Te Mana Tātai Hokohoko, Auckland-based FAL offered advice on life and health insurance and KiwiSaver before it was put into liquidation by the High Court on October 26.

The shuttered business, which held a full FAP licence from October 2022, was deregistered from the Financial Services Provider Register earlier this month for not being a member of an approved dispute resolution scheme.

The Inland Revenue Department filed for the application for putting FAL into liquidation in June.  

This morning, the regulator said: “Following the Court’s appointment of a liquidator, the FMA has exercised its powers under the Financial Markets Conduct Act 2013 by cancelling FAL’s FAP licence, effective November 17, 2023.

“In these circumstances, the FMA encourages any clients of FAL to contact the relevant product providers to review their arrangements to ensure that they are looked after and their needs are being met.”

Meanwhile the appointed liquidator, the Official Assignee, can be reached at +64(0)508 467 658.                          

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