Frequently asked questions
Below are the questions Strategi is most frequently asked. Use the 'Keywords' or 'Topic' filters to limit the FAQ results to a particular area of interest. Alternatively, to search our whole website for any pages containing specific text or topics, use the site search box at the top right of the page.
When do I provide ABS confirmation to the FMA?
The ABS confirmation is included within the Annual AFA Information Return, and is required to be filed by 30 September each year. See ABS annual confirmation for more detail.
What is my CPD period?
Usually the calendar year running 1 January to 31 December. Read more about CPD.
How many hours of CPD I am required to do?
As many as required to maintain competence and upskill. An AFA must complete a minimum of 30 hours structured CPD over any two CPD periods. Read more about CPD.
Can I send clients a link to my disclosure statement or provide a link to product disclosure statements (PDSs) when recommending investments?
The Financial Advisers Act 2008 (in relation to adviser disclosure statements), and the Financial Markets Conduct Act 2013 (in relation to PDSs) both talk about ‘providing’ or ‘giving’ the relevant document (not giving a link to those documents). Web site links may break and clients won't have access to the disclosure statement (or PDS). In this instance, it cannot be evidenced that the client has been provided with the adviser’s disclosure statement (or a product disclosure statement in respect of the recommended investment). For more information see Website links vs PDFs for sending disclosure documents.
When do I file the limit breaks report?
Within 10 working days of 31 March, 30 June, 30 September and 31 December each year – see our Guidance Note for more information.
If I am a RFA, am I a reporting entity?
If you are an individual who operates in your own name and not through a company or other unincorporated body, then you will not be a reporting entity under regulation 16 of the AML/CFT (Definitions) Regulations 2011. If you operate under the umbrella of a company or unincorporated body (including a partnership, joint venture or trust), then even if you are the only adviser, the company or unincorporated body will be a reporting entity and will be supervised by the FMA. Contact Strategi for more information.
When do I file the AFA Information Return, and how?
By 30 September each year - see our guidance article for more information.
How should we do PEP checks?
Either subscribe to a software solution which undertakes PEP and identity verification checks, or place your business with a third party where it will provide you with a document confirming it will do all that work for you. See our article on common AML/CFT issues for more detail.
How should we verify the address of a non-NZ resident client?
When certification occurs overseas, copies of international identification and addresses provided by a client resident overseas must be certified by a person authorised by law in that country to take statutory declarations or equivalent in the client’s country, and the trusted referee must not be a person involved in the transaction or business requiring certification.
When is my annual FSPR confirmation due?
The first annual confirmation for a financial service provider (FSP) is not due until the calendar year following registration (for example, if you are registered in 2016, your first annual confirmation will not be due until sometime in 2017). The filing month may be changed but only if the annual confirmation is not already outstanding. Read more about the annual confirmation requirements.
What is included in the full Radar subscription?
Access to over 300 structured CPD articles covering a range of topics, the ability to develop an annual professional development plan (PDP), and to host training records that make up the CPD Log. Excludes Level 5 training courses and some modules for which additional fees apply. Find out more about Radar.
Can I record my CPD and PDP a different way? Do I have to use Radar?
Yes, the Code of professional Conduct requires you to keep these records but does not prescribe how they must be kept. Radar is a cost-effective and practical option for many advisers. See our CPD Annual Guide for more information and useful templates.
Why should I subscribe to Radar if I am an RFA with no CPD obligations?
All advisers have competence, knowledge and skill obligations under the Financial Advisers Act 2008, and must act with the care, diligence and skill of a prudent adviser. Maintaining your knowledge and upskilling through Continuing Professional Development is important, and best practice, and Radar provides you with a cost-effective way of doing this. Note all advisers will have CPD obligations under the upcoming legislative changes.
How many CPD hours is one Radar article?
Anywhere between ten minutes and two hours depending on content. View all training available via Radar.
How many CPD hours do I allocate for external training I completed?
Strategi cannot answer that. Many CPD providers will indicate the number of hours associated with training. Otherwise we may be able to assist with assessing the appropriate number of structured hours. Contact us to discuss.
Why does Radar run on a full calendar year instead of a two year cycle?
A PDP runs for 1 year so that it is aligned to a ‘CPD period’. The Radar CPD log holds records over a number of years and records can be filtered to show specific periods. Find out more about Radar.