NZ regulator cancels Basis Recommendation Restricted’s monetary recommendation supplier licence

New Zealand’s Monetary Markets Authority (FMA) has cancelled Basis Recommendation Restricted (FAL)’s Monetary Recommendation Supplier (FAP) licence.

FAL was an Auckland-based FAP providing recommendation on life and medical insurance in addition to KiwiSaver.

The Excessive Court docket put FAL into liquidation on 26 October 2023 following an utility filed by the Inland Income Division. The Court docket appointed the Official Assignee as liquidator.

Following the Court docket’s appointment of a liquidator, the FMA has exercised its powers below the Monetary Markets Conduct Act 2013 by cancelling FAL’s FAP licence, efficient 17 November 2023.

In these circumstances, the FMA encourages any shoppers of FAL to contact the related product suppliers to overview their preparations to make sure that they’re sorted and their wants are being met.