Advisers told full licencing will become more streamlined

Financial advisers have been told the process for getting full licensing under the FAP regime will improve.

Thursday, March 17th 2022, 10:48AM

by Eric Frykberg

And advisers have been told not to delay in filing applications to avoid getting bogged down in backlogs.

The comments came in a webinar by the head of the Financial Markets Authority (FMA), Samantha Barrass.

Barrass has been in the job for six weeks, and this was her first big address.

Speaking on the webinar, she pledged improvements in the way applications are handled by the FMA, though she did not give details.

“We are very much looking to improve and increase the stream of licensing applications,” she said.

“As of March next year, anyone who is providing financial advice is going to need a full licence. We know this is a big change and our team is here to help with any questions.’”

Barrass said she wanted the number of applications that are coming through to increase, to streamline the process.

“It would be easier for all of us if those applications don't come in a great big bulk later on.”

Barrass added the FMA had already made it clear that people looking for Class 3 licences should apply by June this year to give FMA staff the time to be sure they have all the information needed to do the work. Classes 1 and 2 applications had to be in by September.

And she wanted the stream of aPplications to come in steadily to “make it easier for all of us to work together to get a very calm delivery of the licensing regime”.

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