From July 1 financial advisers regulations come into full effect, making it an offence for unlicensed financial advisers to provide retail clients with personalised investment planning services and financial advice on investment products.

Despite the nine-month lead in time, Financial Markets Authority (FMA) director of financial adviser regulation Mel Hewitson said 700-plus advisers still have not completed the required competency assessments.

"Nearly 400 of those need to do an assessment which can take three to five weeks to get through. It's clear they're running the very real risk they won't be authorised in time."

Hewitson said her team was working hard to ensure advisers who have completed their applications will be processed in time for July 1.

"We've set June 17 as our target date to process those advisers who have done the work and sent in full and complete applications," she said.

"That gives advisers time to notify their clients they can continue offering investment services."

The FMA has warned it will be checking advisers who applied but didn't make the deadline and will take action against any person claiming to be authorised after July 1 who is not.

"FMA will not be providing further warnings to advisers who fail to meet their obligations on time."

FMA chief executive Sean Hughes said the regulator is already checking advisers' websites against their list of AFAs for those advertising services they are not authorised to perform, saying they "won't shirk" from taking action on day one of the new adviser regime.

To date more than 600 advisers have been authorised and Hughes said he believes there will be 2,000 AFAs by July 1.