2 Dec 2010

10 advisors registered under new regulations

6:56 am on 2 December 2010

Ten financial advisors became authorised financial advisers in time for a new regulatory regime that came into force on 1 December.

About 5000 financial advisors must pass exams to become authorised financial advisors by 1 July, in order to give complex advice to clients.

Figures from the Securities Commission show so far 10 have achieved the qualification, but a further 112 are awaiting authorisation. A further 2000 are booked to sit the exams.

To date, the exam has a pass rate of 81%.