Do you plan to apply for a full FAP licence?
- Yes (50%)
- No (50%)
- I already have a full FAP licence (0%)
- Not sure (0%)
Loading ...Since the start of the new regulatory regime in March, 80 full FAP licences have been awarded by the FMA, with a handful of applications currently being processed.
However, more than 1,800 transitional licenses have been issued, meaning 1,700 transitional licence holders have yet to start their journey to obtaining a full licence. Transitional licences expire in March 2023.
Speaking in June, the FMA’s Director of Market Engagement John Botica said the application process is straightforward.
“In most cases, smaller providers will be choosing between a Class 1 or Class 2 FAP full licence, with the Class 1 application process purpose-built for sole advisers and Class 2 intended for businesses that engage more than one adviser – or who are looking to grow into that,” he said.
To find out more about applying for a full FAP licence see the FMA’s page here.