Fillable Application For Re-authorisation Under Alternate Financial Adviser Scope (Financial Markets Authority New Zealand)

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Application For Re-authorisation Under Alternate Financial Adviser Scope (Financial Markets Authority New Zealand)

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The Application For Re-authorisation Under Alternate Financial Adviser Scope (Financial Markets Authority New Zealand) form is 18 pages long and contains:

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  • 18 check-boxes
  • 101 other fields

Country of origin: NEW-ZEALAND
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Personalised digital advice exemption application form
APPLICANT DETAILS
Part#
Question
Answer
1.
Contact person details
1a.
Name of contact person
1b.
Position
1c.
Physical address
1d.
Phone number(s)
1e.
Email address
2.
Groups – is this a group application?
If YES, please complete Q3-8 for EACH legal entity that is applying. You can use separate
sheets and attach them to this application.
Yes No
3.
Entity name
3a.
Registered address
3b.
Physical address (if different)
3c.
Phone number(s)
3d.
Email address
3e.
Website
4.
What is your FSP number?
If you don’t have an FSP number, you need to apply
at www.business.govt.nz/fsp
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DA1.1
5.
What is the name of your dispute resolution
scheme?
6.
What is your New Zealand Business Number
(if applicable)?
7.
Does the entity have any past, current or pending criminal prosecutions,
civil litigations or administrative actions involving it?
If YES, please provide details.
NOTE: FMC Act licensees and authorised bodies are not required to
complete this question.
Yes No
Not required
to complete
8.
Is your entity a licensed provider under the Financial Service Providers (Registration
and Dispute Resolution) Act 2008?
No
9.
QFEs and QFE groups – is this application being made by a QFE and/or one or more
members of a QFE group under the Financial Advisers Act 2008?
If YES, please answer questions 9a – 9c.
No
9a.
What is the name of the QFE and/or QFE group?
9b.
Has the QFE agreed to the members of its QFE group making this application?
Yes
N/A
9c.
Would the QFE like us to treat this application as notification of its intention to change
the financial adviser services and compliance arrangements of the QFE or QFE group
for the purposes of QFE standard condition 1.8?
If YES, please provide below
any further details required for this notification that are not
addressed elsewhere in this application.
Yes No
APPLICATION DETAILS
10.
What personalised financial adviser services does the digital advice service relate to?
Please select one or both of the options (as applicable)
Financial advice
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Investment planning service
11.
What product type(s) will the digital advice service advise on?
Please select all that apply from the list below
Bank notice product
Bank or licensed non-bank deposit taker term deposit
Call building society share
Call credit union share
Call debt security
Consumer credit contract
Contract of insurance (other than an investment-linked contract of insurance)
Debt security issued by the Crown
Interest in a KiwiSaver scheme
Interest in a managed fund (other than a KiwiSaver scheme)
Quoted equity security
Quoted debt security
Quoted managed investment product
Unit in a cash or term PIE
12.
Is the digital advice service tied to products of a particular product provider(s)?
If YES, please answer questions 12a and 12b
Yes
No
12a.
Please specify the name(s) of the provider(s)
12b.
Please indicate whether the provider is a member
of your QFE group (if applicable) or related to you
13.
Please describe your personalised digital advice service.
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GOOD CHARACTER
14.
Are you an existing Financial Markets Conduct Act 2013 licensee or authorised
body?
If so, you are not required to complete this section. Please go to Q18.
For group applications, this section should be completed by any entities who are
not existing FMC Act licensees or authorised bodies. Please list the names of the
entities completing this section below.
Yes
No
15.
How many directors, and senior managers responsible for the digital advice service,
are you supplying details on behalf of for this application?
16.
For EACH of these directors and senior managers please provide full name, date of birth, gender,
and position (for group applications please indicate the name of the applicant entity or entities at
which the position is held).
If you run out of space in the form you can use a separate sheet and attach it to this application.
Full name:
Date of birth:
Position:
Gender:
Full name:
Date of birth:
Position:
Gender:
Full name:
Date of birth:
Position:
Gender:
Full name:
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Date of birth:
Position:
Gender:
Full name:
Date of birth:
Position:
Gender:
Full name:
Date of birth:
Position:
Gender:
Each director and senior manager listed in your application must complete a declaration form. The declaration
form asks for their consent for third party checks.
Please attach declarations for each person to this application.
17.
Declarations attached?
No
CAPABILITY
18.
Please tell us what skills and experience you have identified that you need to provide the personalised
digital advice service effectively.
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19.
Please explain how you have satisfied yourself that you have engaged people with these skills and
experience, including staff or contractors:
• to act as Technical Experts
• to perform the Quality Assurance function
Please provide an organisation or group chart showing how the team that provides the digital advice service is
structured.
Please note any outsourced functions.
20.
Organisation or group chart attached?
No
21. Do you or will you outsource any of the Technical Expert or Quality Assurance
functions required for you to meet the minimum standards?
If YES, please answer questions 21a to 21f
Yes
No
21a. Is the digital advice software a commercially available package (which may include some modifications for
your use)? If so, please explain what it is, the name of the provider, and how you satisfied yourself that the
software is fit for purpose.
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21b.
Describe the functions you will outsource and your arrangements (such as who will perform the functions,
and how and where these will be carried out).
21c.
Provide a high-level description of the due diligence process you undertook to select the most appropriate
outsourced providers for your business.
21d.
Explain how you have appropriate processes to ensure the outsourced provider(s) are appropriate and
can effectively perform the outsourced function to an acceptable service level.
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21e.
Explain how you will monitor performance and ensure the outsourced providers perform to an acceptable
level.
21f.
Do you have formal legal agreements with outsourced providers?
Yes
No
If YES, do these agreements provide for information to be available to the FMA as
required?
Yes
No
RISK MANAGEMENT PROCESSES
22.
Please explain how you have satisfied yourself that you have adequate risk management processes in
place that meet the minimum standards for risk management processes.
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23.
Do you have systems and controls in place to suspend the digital advice service - in
whole or in part - if necessary?
If YES, please provide a high-level description of these.
Yes
No
24.
Please provide a high-level description of your systems and processes for monitoring and testing the
algorithms used to deliver the digital advice service.
25.
Please provide a high-level description of your systems and processes for reviewing the advice provided
to clients through the digital advice service.
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IT SYSTEMS
26.
Please tell us the IT systems you have identified you need to meet the minimum standards for IT
systems.
27.
Please explain how you have satisfied yourself that your IT systems meet these requirements and
have the necessary functionality to perform the digital advice service effectively.
28.
Please describe the legal arrangements you have in place with any third party software providers.
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CLIENT FILTERING
29.
Please provide a high-level description of your client filtering processes for the digital advice service
that meet the minimum standards for client filtering.
DECLARATION
Note: for group applications, this declaration section must be completed by EACH legal entity that is
applying. You can use separate sheets and attach them to this application.
30.
Name of individual completing form on behalf of the
applicant entity
31.
Position
32.
I confirm that I am authorised to submit this application on behalf of the applicant.
33.
After having conducted all the necessary enquiries, I declare the information provided in this
application is true and correct to the best of my knowledge.
34.
Date
ADDITIONAL INFORMATION
35.
Do you wish to submit any other information that is material and relevant to the
application and not already submitted above?
Yes No
36.
Please list any supporting documents.
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Application For Re-authorisation Under Alternate Financial Adviser Scope (Financial Markets Authority New Zealand)

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Completed 15 November 2020

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