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FMA cancels Foundation Advice Limited’s financial advice provider licence

The Financial Markets Authority (FMA) – Te Mana Tātai Hokohoko – has cancelled Foundation Advice Limited’s (FAL) 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/.

 

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