FMA reveals a plan and timeframe for COFI licensing
Three weeks after the legislation received the royal assent, the FMA has published its expectation for each standard and a series of questions it wants financial institutions required to comply with the regime to consider.
Submissions are due by 7 September.
The FMA will issue licences under the Financial Markets Conduct Act 2013 and once the legislation comes into effect, expected to be in early 2025, institutions will not be able to offer financial services to consumers without one.
The FMA says it will develop a licence application form and guidelines and expects to begin reviewing applications in mid 2023.
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