FMA Announces Target Dates for FAP Full Licence Applications - BrokersView

FMA Announces Target Dates for FAP Full Licence Applications

Oct 22, 2021
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The New Zealand Financial Markets Authority (FMA) announced recently it has set target dates by when all transitional financial advice providers (FAP) should apply for their full licenses.

Specifically, for Class 1 or Class 2, and Class 3 full licence applicants, the target dates are 30 September 2022 and 30 June 2022, respectively. The target dates aimed to help providers plan for a smooth transition to full licensing, according to John Botica, Director of Market Engagement.

All FAP transitional licences expire on the close of 16 March 2023. By getting their application in before the relevant target date, applicants would give themselves the best chance of ensuring their full licence was processed before their transitional licence expired. As of 18 October 2021, 1706 financial advice providers were still operating under transitional licences.

In addition to the FAP full licence application kit, and other resources available on its website, the FMA is developing self-assessment tools to help Class 1 and Class 2 licence applicants identify where they might need to do further work to meet the full licensing requirements. A Cyber Security and Business Continuity Planning (BCP) self-assessment tool had recently been published on the FMA website and more would be added.