FMA releases FAP self-assessment tools

The Financial Markets Authority has released three new self-assessment tools to help financial advice providers (FAPs) prepare for full licensing.

Wednesday, November 24th 2021, 10:05AM

John Botica, FMA Director of Market Engagement, says the tools are a response to market feedback and have been designed to help providers address gaps in their existing compliance approach.

The tools take the form of a checklist which financial advice providers can use to assess their existing business practices. Used in conjunction with the full licence application kit, the tools aim to give transitional licence holders the confidence to apply for a Class 1 or Class 2 full licence.

The first tools focus on three of the seven standard conditions that apply to FAP full licences and cover record keeping, cyber security and business continuity planning, and key outsourcing arrangements.

More self-assessment tools will be developed and added to the FMA website as they become available. 

Download the record-keeping self-assessment tool. 

Download the cyber security and BCP self-assessment tool.

Download the key outsourcing arrangements self-assessment tool.



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