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Advisers around the country have had an in-depth look at the new transitional licensing process opening in November 2019.
Announced in August, the FMA has now completed its transitional licensing seminars, which took place over the past month throughout New Zealand, reaching an attendance of over 600.
During the sessions, the regulator spoke to advisers about the best way to navigate the changes and what the licensing application process will look like.
The FMA stated that for many advisers, particularly those advisers with fairly straight forward business structures, the key decision regarding transitional licensing is clear cut, ie. whether to join a FAP or become a FAP.
However, the FMA noted that for other advisers, their approach to transitional licensing may require some consideration, including professional advice. These are advisers who:
- may belong to various cluster groups, and
- may provide a range of financial adviser services, and
- may have a range of distribution arrangements & agreements in place, and
- may have multiple business structures in place as a consequence.
The FMA released the following video showing what attendees had to say about the seminars.
Attendee Brady Arblaster from Insurance Design said of the application process that “it doesn’t look to arduous at all and it should be easy for everyone to get onboard and do it.”
Advisers can apply online for their transitional licence from Monday 4 November until June 2020.