14% of advisers with a transitional licence have yet to apply for a full licence. Is this:
- As expected (90%)
- A surprise (10%)
Loading ...According to the FMA, 66% of financial advice providers are operating under, or have applied, for a full licence. Meanwhile, a further 20% have taken the first step to full licensing by registering with the FSPR.
It means 14% of transitional licence holders have yet to make their move for a full FAP licence.
With the FMA having set a soft deadline of 30 September for applications, and the total number of licensed financial advice providers down 50 to 1,750, it seems the new licensing regime is causing some advisers to bow out of the sector.
See our report: Majority of Advisers On Path to a Full Licence