Advisers Ready Ahead of New Legislation

Advisers Ready Ahead of New Legislation

Mike Pero Mortgages advisers have successfully completed the registration process required under new legislation which will come into effect in the middle of next year.

Company chief executive Shaun Riley says the advisers have done all that is required to be a Registered Financial Services Provider under the Financial Advisers Act (FAA) and are ready for the changes it will bring.

“They have successfully completed training, adjusted internal processes to be compliant and completed registration formalities on the Companies’ Office Website,” says Shaun Riley. “We are embracing the new regime and look forward to full implementation of the Act next July.

“The register of Financial Service Providers means a new level of transparency in the industry. The FAA will create standards of professionalism and increase public confidence in the financial advice sector.

“Our company and advisers were among the first to sign up with Financial Services Complaints Limited (FSCL), which is a government approved disputes scheme. Membership of a disputes scheme is necessary to meet the requirements of Registration.”

To register as a Financial Services Provider each adviser needs to;

• Join an approved disputes and discipline provider

• Develop an internal complaints procedure

• Physically register on the Companies Office website

• Undergo a criminal conviction check

• Pay the registration fee

ENDS

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