The application was granted last week.

Chairman Bernie McCrea said for now, it was a FAP of one, with no advisers yet within it.

“The adviser offering is yet to be determined … it will take a few months’ work to get it right.”

The group would need to work out what it would have to offer to be appealing and attractive to advisers, he said. “To make it so people can see value.”

There could be a range of different forms it could take – fee-based, integrated or equity-based, he said.

Newpark intended to add advisers to its FAP as it went along but that would be some time away yet, he said.

McCrea said the extra time the Government has given advisers to transition to the new regime would help. It will now not begin until March at the earliest.

Without it, groups would have to have something ready to go on June 28 this year and then rely on being able to evolve it over time, he said. But that would make it harder for people to decide whether they wanted to join, and how they wanted to structure it.

More “breathing space” would allow people to make more informed decisions about what was on offer and what would be the best solution for their businesses.

“It would have been tight for advisers to make decisions about joining someone else, making their own or becoming authorised bodies. Having until March to make the decision is much better.”

McCrea said advisers were busy during the Covid-19 disruption, being proactive and contacting clients.

“When I speak to them they are busy being busy, trying to be in touch with clients. It’s all hands to the pump in the adviser space. Imagine doing that and dealing with new regulation at the same time. This gives [FAPs] a bit of time to make a really good offering so the advisers who are interested can see what you’re bringing to the table.”

McCrea said there was no clear sense of how many advisers would be part of Newpark’s FAP. “It’s not for everyone that’s for real.”

Some would want to be independent, he said, and Newpark would support that.