Media Release
MR No. 2023 – 55
The Financial Markets Authority (FMA) - Te Mana Tātai Hokohoko - has cancelled Foundation Advice Limited (FAL)’s Financial Advice Provider (FAP) licence. FAL was an Auckland-based FAP offering advice on life and health insurance as well as KiwiSaver.
The High Court put FAL into liquidation on 26 October 2023 following an application filed by the Inland Revenue Department. The Court appointed the Official Assignee as liquidator.
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 17 November 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.
Anyone with questions about this matter should contact the Official Assignee by phone: +64(0)508 467 658 or through their website: https://www.insolvency.govt.nz/support/contact-us/
ENDS
Notes
FAL was issued a Transitional Financial Advice Provider licence by the FMA in March 2021 and issued a full FAP licence in October 2022. The company was deregistered from the Financial Services Provider Register on 6 November 2023 for not being a member of an approved dispute resolution scheme in accordance with the Financial Service Providers (Registration and Dispute Resolution) Act 2008.
Media contacts:
Andrew Park
FMA Media Relations Manager
[email protected]
021 220 6770
Matt Chatterton
FMA Senior Adviser, Media Relations
matthew[email protected]
021 241 7868
