How the FMA says it’s helping advisers to comply with the licensing regime
Under the new regime, only those with a full FAP licence will be able to give regulated financial advice from 15 March next year. To date, of the 1835 advisers who were granted transitional licences two years ago, only 630 (33%) have full class 1 and 2 licences. Another 63 have received full class 3 licences and 29 advisers have withdrawn from the process. The remainder have yet to comply.
The FMA has set a target date of 30 September for Class I (sole traders) and class 2 holders of transitional licences to get their full licensing applications in.
Romil Ghelani, the FMA’s manager of financial advice supervision, was at pains to tell conference attendees that while there was “still a way to go” to achieve full compliance, the regulator was there to help.
In a presentation covering some of the themes emerging from recent roadshows and other meetings with advisers, the learnings for the FMA and what happens once licensing is achieved, Ghelani’s key message was the need to build strong relationships with the sector and to foster trust. Both the FMA and the adviser community want the same thing – a fair outcome for customers, he said.
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