Australia-based financial services firm Pharos Financial Group has entered into a strategic alliance with New Zealand's largest dealer group, TNP.
The alliance follows changes to the Trans-Tasman Mutual Recognition legislation announced by ASIC and the New Zealand Financial Markets Authority last month.
"Whilst the two parties have informally shared IP (intellectual property) between each other previously for a number of years, the strategic alliance recognises a formal commitment to extending this into focused joint product and services development initiatives," Pharos managing director Mark Perry said.
"TNP in New Zealand was a natural fit for Pharos to partner with as there was close commonality in the vision of the two groups, which was something shared by the executives of each group."
The two groups had already identified a number of initiatives they would start work on later this year, Perry said.
Commenting on the arrangement with Pharos, TNP managing director Jeff Page said: "The alliance with Pharos was a natural fit for TNP.
"The Australian market has already been through many years of compliance and legislative changes and we feel we can all learn a lot from working with Pharos.
"It's a great opportunity to be able to have them share their experience and knowledge (particularly in the risk and wealth management areas) with the members of TNP in New Zealand."
In July, ASIC and the New Zealand Financial Markets Authority (FMA) announced a mutual recognition arrangement for Australian and New Zealand financial advisers.
Under the arrangement, financial advisers from Australia and New Zealand will be able to provide services in each other's countries based on the qualifications and experience they have attained from their home country.
The FMA has granted an exemption for Australian qualified advisers, allowing them to apply to be authorised financial advisers (AFA) in New Zealand based on their existing Australian qualifications.
To enable New Zealand AFAs to operate in Australia, ASIC has amended its regulatory guides, which set out the minimum training requirements for individual financial advisers in Australia. Recognition has been given to New Zealand AFAs and qualifying financial entity advisers to enable them to practise in Australia in certain areas.
The trans-Tasman mutual recognition of financial advisers took effect from 6 July.
