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First FAP licences issued

The first transitional licences have been issued to financial advice providers under the new regime.

Sunday, December 1st 2019, 2:18PM

Licensing opened on November 25 for those who want to become a FAP.

By Friday, the first licences were issued.

Andrew Park, spokesman for the Financial Markets Authority (FMA), said 23 applications had been made over the course of the week. About a third were to individuals and two-thirds to groups.

He said it would be incorrect to take the pace of application and approval in the first week to indicate how it might continue from this point, but everything was going to plan at this stage. “It’s very reassuring.”

The FMA would do a push towards the end of January to encourage people to apply, he said. “The most important message on this is don’t leave it too late. There’s plenty of time before June next year but don’t leave it too late.”

Transitional licence applications must be in before the new regime commences on June 29, 2020. From that point, only full licences will be available.

There had been twice as many visits to the transitional licensing information website on November 25 compared with historical patterns, Park said.

He said the regulator was pleased with how the system had performed.

The focus had been on making sure the process worked and that it did what it was supposed to so that applications could go through, he said.

Before applying to the FMA, the applicant has to have registered with the Companies Office and on the Financial Service Providers Register with their relevant advice service.

The FMA could not give an indication of turnaround times on processing applications but Park said it would get back to people “as quickly as we can”.

Park said the process of starting licensing had taken months of work and had involved 800 events around the country at which FMA officials had talked about what was changing and what needed to be done.

More information is available here:

https://www.fma.govt.nz/assets/Guidance/FAP-transitional-licensing-guide.pdf

https://www.fma.govt.nz/compliance/role/fap-new-regime

Tags: FAP Financial Services Legislation Amendment Act Financial Services Legislation Amendment Bill FMA licensing

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