[The Wrap] Into the unknown
It's taken what seems like forever, to get to the start of transitional licensing for financial advisers. Despite having all this time to prepare many advisers still seem unsure about what route to take.
There is an expectation that there will be thousands of FAPs once transitional licensing closes next year. However, there are signs this maybe changing. At the TMM Better Business Conference for mortgage advisers the number of people who said they would set up their own FAP was very low. As were the number of undecided people.
In talking to people around the advice industry there appears to be a bit of a sea change taking place as advisers get to grips with the additional costs and compliance that will be imposed on any business which is a FAP.
I'm guessing the number of FAPs will be fewer than what has been predicted. This, no doubt, will be music to the FMA's ears as it does not have the capacity or resources to manage thousands of FAPs.
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![[The Wrap] What the heck is happening at the FMA?](https://goodreturns.publit.io/file/c_fill,w_300,h_200/a6c3bc06-6401-44de-96e2-286c090e132d.jpg)