The FMA has cancelled Foundation Advice Limited’s (FAL) FAP licence. FAL was an Auckland-based company 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.
Following the court’s appointment of a liquidator, the FMA exercised its powers under the Financial Markets Conduct Act 2013 by cancelling FAL’s FAP licence, effective 17 November 2023.
The company was deregistered from the FAP Register on 6 November 2023 for not being a member of an approved dispute resolution scheme in accordance with the Financial Service Providers (Registration and Dispute Resolution) Act 2008.
According to FAL’s website, one of the firm’s two founders is Michael Moran, a Director of Ratebroker Limited. He was a Partner at Deloitte New Zealand, and was CFO at NZME – publisher of the New Zealand Herald.
The other founder, and the firm’s Chief Technology Officer, is Matthew Smith, one of the original founders of Ratebroker.
The FMA encourages any clients of FAL to contact the relevant product providers to review their arrangements.