FMA sets cut off date for FAP licencing

John Botica.

Those applying for Class 1 or Class 2 licences have until September 30, 2022, to put their application in, while those applying for a Class 3 licence have until June 30, 2022.

The announcement has been praised by Financial Advice New Zealand saying it gives more certainty to advisers.

In response to the new regulatory regime, the FMA has been building resources to support providers of financial advice.

A dedicated financial advice team has been established, with 11 staff today and plans to recruit a further seven by the first quarter of 2022. This also includes recruiting for another person to join its licensing team.