First FAP licences issued

Licensing opened on November 25 for those who want to become a FAP.

By Friday, the first licences were issued.

Andrew Park, spokesman for the Financial Markets Authority (FMA), said 23 applications had been made over the course of the week. About a third were to individuals and two-thirds to groups.

He said it would be incorrect to take the pace of application and approval in the first week to indicate how it might continue from this point, but everything was going to plan at this stage. “It’s very reassuring.”