Traffic builds on the road to full licensing
The Financial Markets Authority's (FMA) director of market engagement and acting director of regulation John Botica says he's pleased with the numbers so far but after just six months under the new regime it would be hard to identify any trends.
As of yesterday morning, a total of 80 Financial Advice Provider (FAP) licences had been approved by the FMA across all three licence classes with another 19 in progress (see chart below).
"But what I'm impressed with is when we have been getting out and talking to advisers across the country is that a lot of them are thinking about what their business will look like in the future."
Botica says roughly 60% of applications are for Class 2 licences for businesses with between two and 10 advisers whereas in March about 50% of transitional licences were for single adviser businesses.
Click the button below to subscribe and will have free unlimited access for a limited time to full article and all other articles on the site.
You will also be able to comment on articles on Good Returns.
![[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)