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Details confirmed for transitional licensing

The Financial Markets Authority has confirmed the standard conditions it will require of those seeking a transitional financial advice provider (FAP) licence under the new regime.

Wednesday, November 20th 2019, 6:00AM 1 Comment

Licensing opens on November 25.

FAPs will be required to create, in a timely manner, and maintain adequate records in relation to their financial advice services.

The records must be kept in a form and manner that ensures the integrity of the information and enables it to be conveniently inspected and reviewed.

The FMA said records could be in any language as long as there was an accurate summary of the record in English, and the records could be made available for translation if required.

Records must be kept for seven years, from the latest date of when the record was made, the date the financial advice was given, or the date any later record was made that relied upon that information.

Applications would also have to have an internal process for resolving client complaints so they were dealt with fairly, in a timely and transparent manner, keeping records of all complaints and action taken in relation to them.

Records could be kept by another person on a FAP's behalf.

A complaint could be about an adviser's failure to offer a service or advice, the FMA said.

Before applying for a transitional licence, applicants need to have registered with the Companies Office and on the Financial Service Providers Register (FSPR) for their relevant financial advice service.

They will also need to register with RealMe.

FSPR registration for the relevant service can also be done from November 25.

Tags: FAP Financial Services Legislation Amendment Bill FMA FSLAA licensing record-keeping

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Comments from our readers

On 21 November 2019 at 8:00 am Mr Slater said:
And the other requirement is to have an internal complaint process as set out in the licence conditions. It’s good to see the definition of a complaint is per the NZ Standard in complaints handling.

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Last updated: 9 December 2019 9:02am

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