Qualified financial advisers will be able to operate on both sides of the Tasman from next Monday following the completion of a deal between the Australian Securities and Investments Commission (ASIC) and New Zealand’s Financial Markets Authority (FMA).

Trans-Tasman Mutual Recognition legislation previously applied to Australian financial services licensees, but most were companies rather than individuals.

The new measures involve the FMA granting Australian-qualified advisers the right to apply to be authorised financial advisers in the New Zealand market without having to hold NZ-specific qualifications.

ASIC has also amended its regulations to allow the recognition of the qualifications of New Zealand advisers in Australia.

FMA CEO Sean Hughes says the announcement “is a significant step which supports our mutual desire for a more dynamic single economic market between New Zealand and Australia, particularly in financial services”.

ASIC Chairman Greg Medcraft says the move will strengthen the trans-Tasman financial services sector by increasing competition and lowering transaction costs.