New Zealand regulator revokes Foundation Advice Limited's financial advisory provider licence
New Zealand Monetary Authority (FMA) revokes Foundation Advice Limited's Financial Advisory Provider (FAP) licence。
The Financial Markets Authority of New Zealand (FMA) has revoked the Financial Advisory Provider (FAP) licence of Foundation Consulting Limited (FAL).。
FAL is an Auckland-based FAP that provides life insurance, health insurance and consulting services from KiwiSaver.。
Following an application by the Inland Revenue Department, the High Court liquidated the FAL on 26 October 2023.。Court appoints official assignee as liquidator。
Following the appointment of a liquidator by the court, the FMA exercised its powers under the Financial Market Conduct Act 2013 to revoke FAL's FAP licence, effective 17 November 2023.。
In this context, the FMA encourages any customer of FAL to contact the relevant product provider to review their arrangements to ensure that they are taken care of and their needs are met.。
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