Managers on borrowed time
The FMA has put out a final call for those who want to be registered by December 1, when the new rules kick in.
Anyone who wants a licence in time will have to apply by August 30, or will not be able to operate after December 1. The licensing process can take up to 12 weeks.
FMA director of regulation Liam Mason said: “When the Financial Markets Conduct Act came into effect we were very clear in setting out an appropriate implementation time so the industry could go through the licensing process and meet the standards of the new regulation. Our experience shows that businesses need to take time to work through the process so we need to engage with a few providers that haven’t started the process.
“Our licensing team talk to new applicants about the minimum standards and level of compliance they will need to continue offering financial products and services to consumers. This process is a good opportunity for the FMA to talk individually to providers about conduct obligations under the new Act.”
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