FAP programme inches forward

Just over a third of the approximately 1800 financial advice providers in the country either have a full FAP licence or are in the process of getting one, according to the Financial Markets Authority (FMA).

The deadline to get an application in is September 30th, and no adviser who has not had a licence approved by next March will be allowed to do business.

“As at July 18, 663 FAP licences have been approved or are in progress,” the FMA said in a statement.

“That means 36% of providers are now operating under or have applied for their full licence. That percentage increases to 64% when taking into account those on the Financial Service Providers Register who have registered for the service but are yet to formally apply.”