New Zealand’s Financial Markets Authority (FMA) has provided a breakdown of financial advice providers since new laws governing the sector came into effect last month.

There are more than 3000 financial advice businesses made up of 1807 financial advice providers and 1200 authorised bodies that are engaging 10,743 financial advisers and 12,287 nominated representatives.

About 70% of financial product advice relates to personal risk insurance such as life insurance.

“These statistics provide a snapshot of the financial advice sector and highlight the continuing presence of small advice businesses, with 82% of financial advice providers being businesses with fewer than 10 financial advisers spread right across New Zealand,” Director of Market Engagement John Botica said.

Under the new advice regime, advisers servicing retail clients must hold or operate under a Financial Advice Provider licence and to comply with a new Code of Conduct.