The first regulatory return for financial advice license holders is required by the FMA on 30 September 2024, but the reporting cycle starts on 1 July, so it’s time to start collecting key information says the FSC.
The organisation states that regulatory returns are different, depending on whether you are a FAP Class 1, 2 or 3, and that completing the forms will take preparation and planning.
“Reporting for the first period starts on 1 July 2023 and ends on 30 June 2024, so you will need to start collecting key information in just two months,” states the FSC.
“Licensed advisers will need to provide information on topics as wide ranging as replacement business, cyber security threats, and information about types of financial advice products provided. The number of complaints as of 1 July 2023 will also need to be provided.”
The FMA has already started carrying out monitoring visits and you can read the full FSC post on regulatory returns here.