100th full FAP licence issued
First Capital Financial Services is the 100th financial advice provider to be granted a full licence by the FMA and says getting in early has given them the confidence they have solid systems in place for the future.
Managing director Hugh Percy says the company was granted a Class 2 Financial Advice Provider (FAP) licence and says there were two key reasons why they wanted to get the process completed early on.
"One, we didn’t want to run the risk that we might get caught up in the rush at some stage and have to wait. And two, we wanted to use the full licensing application process as a bit of a benchmarking exercise to test ourselves.
"We wanted to ensure that we had all the policies and procedures required under the new legislation locked down. Then, if there was a shortcoming or something that wasn’t right, we could put it right now."
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