15 Mar 2011

Financial adviser supervisers approved

10:20 am on 15 March 2011

The Securities Commission has granted the first licences for Qualifying Financial Entities, as part of wide-spread changes to the financial services industry.

Qualifying Financial Entities take responsibility for ensuring their advisers deliver professional service, which means they don't have to individually register each person.

ACM Insurance, AMP Services, Farmers Mutual Group, Fisher Funds Management, Instant Finance and Spacers are the first entities to be approved.

The commission says it is processing about 80 applications, and most should be granted by the first of April.

Applicants range from small insurance brokers to major banks and insurers.