Getting Ready for the New Regime
The New Financial Advice Regime is scheduled to start operating from Monday, 15th March 2021. Financial Advice Providers must acquire the transitional FAP licence to continue providing their services on their own behalf.
Who Needs a Licence?
As per the latest regulatory changes, all financial advisers offering services to retail clients must operate under a valid FAP licence. As of now, the transitional licensing process has been ensued, which will come into effect from 15th March 2021.
From the same date, the full licencing application process will also open. FAPs must acquire a full licence within a two year’s window before the transitional licence expires. All FAPs who intend to provide services on their own behalf must obtain full licencing by and by within this two year’s window.
The full licence application process would be more comprehensive compared to the transitional licencing application. It would be categorized into three inclusive categories (Classes 1, 2, & 3) to cover all Financial Advice Providers. Following its approval, the full licence would be governed by seven standard conditions and any other applicable governance under the FMA New Regime.
Over years of collective experience, our team members have provided vital support to organizations obtain their licencing. We operate on the basis of a sound understanding of regulator requirements in licencing applications.