FMA’s latest licence numbers show advisers are poised for change

Back in September, things were looking shaky for over 2,000 financial advisers who had yet to apply for their transitional licences.

But now, at the end of the year, the data is showing that a big final surge before the holiday break has seen 97% of the industry covered by a transitional licence.

As of December 20, 1,356 licences have been approved alongside 715 authorised bodies, meaning that well over 2,000 businesses have made the decision to engage with the new regime. Of individual financial advisers, 9,157 are covered by a transitional licence, giving some leeway for double-ups where advisers may be working for more than one FAP, that means that around 97% of the industry is now covered.

FMA director of market engagement, John Botica is pleased with the results.