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Acquire Your FAP Licence2021-07-22T23:57:58+00:00
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Acquire Your FAP Licence

We provide complete assistance in acquiring your Financial advice provider licence.

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Why Veritas HQ is Your
Ideal Partner for FAP Licensing

Our team has diverse experience in FAP licensing services. Our
motto is to assist you to acquire your FAP licence on the first attempt.  We provide
active advocacy if your application has issues.

Reputed FMA, FAP Licence Consulting

We will thoroughly review your existing regulatory strategy to identify potential bottlenecks against a successful FAP licence application. We will help you define and write business policies in a way that’s instrumental to a fluent application.

We don’t believe in templates. We prepare documentation from scratch to rule out any chance of error. We would review the documentation and help in the implementation of changes in underlying policy, processes, and controls.

We are aware that many of our competitors use templates for the application process. If you have used such services before, we commit to making necessary customization in the templates as such the FMA approves your application right away.

We will actively advocate your case with the FMA if your submitted application is erroneous. Our experts have the elaborate experience to ensure each FAP licence application receives full support throughout the approval process.

FAP Compliance Consultancy
FAP compliance Expert
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FAP Compliance Expert

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Full FAP Licencing Solutions

We are by your side to help you acquire a transitional licence by the imminent due date. Our services will also extend to acquire a full FAP licence thereafter.

Getting Ready for the New Regime

Transitional licence holders now have to obtain their full licence before the 15th of March 2023, any new entrants have to apply for a full licence.

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.

Compliance and Risk Management Resources

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Frequently asked questions regarding FAP Licensing services

Who needs to apply for a FAP licence?2021-07-10T13:04:50+00:00

If you provide regulated financial advice to retail clients you must either hold, or operate under, a Financial Advice Provider (FAP) licence.

Is there a deadline to apply for an FAP licence?2021-09-02T07:03:27+00:00

If you hold a transitional licence then you have until the 16th March 2023 to obtain a full licence. If you do not hold a transitional licence you must either operate under another FAP licence holder or apply for a full FAP licence before you are able to carry on the business of offering regulated financial advice

Can I provide financial advice if I don’t have an FAP licence?2021-07-10T13:04:03+00:00

The simple answer is ‘No’, unless you operate under a FAP licence holder. If you operate as a company or partnership then your entity must be named on an existing FAP’s licence conditions so that you can provide the licensed service without needing your own licence. If you are an adviser then you need to be working under an Authorised Body that is affiliated with a FAP or working under a FAP licence directly.

How long does it take to get a FAP licence?2021-07-10T13:04:25+00:00

The length of time comprises the time you take to prepare for and submit your licence application and the time that the FMA takes to grant you the licence. Your preparation time depends on the size and nature of your business and your existing state of readiness, e.g. the existence and maturity of your policies, procedures and controls. In our experience, there are always gaps between what a business has in place now and what it needs to get a ‘clean-pass’ licence. We can help you identify and address these gaps. The Financial Markets Authority has advised 6 weeks as a standard time frame for it to consider/grant a licence. However, this will depend on the questions they might have, which is in turn a function of how well prepared you are

Can I use templates or standard policies, to apply for a licence?2021-07-10T13:04:16+00:00

Every business is unique, and needs its own policies, procedures and controls that are tailored to the substance of that business. Token policies, procedures and controls that are not demonstrably ‘in use’ can do a business more harm than good and will not be seen as credible or convincing by third parties The FMA has cautioned in an article the problems with simply using templates or standard policies as the final product rather than tools toward an end. Click here to read the article https://tinyurl.com/38whhnz7

How much would it cost to get a licence?2021-07-10T13:05:43+00:00

The FMA has published its licence fees – see LINK HERE. The other cost component relates to building your practice’s readiness for submitting its licence application, as described above. We are able to provide you with an indicative cost estimate to be finalised in discussion with us if you complete our GAP analysis form https://tinyurl.com/m2rpks. Once completed one of our consultants will get in touch with you to provide an accurate cost. We like to build on the work you have already done and focus our attention on helping you close the gaps so that you are in a strong position when you apply for your licence

Simplify compliance and reduce risks

We help you maintain compliance in a business context. Ours is a better option over conflicting silo-driven point solutions or external standalone functions.

VeritasHQ

Address: Level 2, 50 The Terrace,
Wellington Central, Wellington,
6011 , New Zealand

FAP compliance Expert

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FAP Compliance Expert
0800 VERITAS
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