The Australian Securities & Investments Commission (ASIC) and New Zealand’s Financial Markets Authority (FMA) have announced mutual recognition arrangements for Australian and New Zealand financial advisers.

FMA’s CEO Sean Hughes announced “This is a significant step which supports our mutual desire for a more dynamic single economic market between Australia and New Zealand – particularly in financial services”.

ASIC Chairman Greg Medcraft said “The mutual recognition arrangements will strengthen the Australian and New Zealand financial services industries by increasing competition and lowering transaction costs”.

For more information, read the FMA’s announcement.