Transitional licensing 'a hurdle for small businesses'
Transitional licensing will start later this year, ahead of the regime coming into force in June next year.
The code of conduct for all advisers will take effect at that point.
Those who have been operating as an RFA, AFA or QFE under the existing regime will start with a transitional license, and then have two years to apply for a full license.
Existing advisers will have a competency safe harbour that gives them time to meet the qualification standards required of the code of conduct for financial advisers – that is, that they have capabilities equivalent to the outcomes of the level five certificate.
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