Last year FMA (Financial Markets Authority) mandated the new requirements for companies and people looking to get the Financial Advice Provider (FAP) licence.
- The target date for Class 1 and Class 2 license applications was 30 September 2022.
- The target date for Class 3 license applications was 30 June 2022.
FMA will continue to accept applications for full licences at any time. However, if you’re a transitional licence holder and you want to continue providing financial advice services under your own licence from 17 March 2023, you must apply for a FAP full licence as soon as possible to ensure it is processed by the time your transitional licence expires at the close of 16 March 2023. Note that the turnaround time for processing applications is up to 60 days and FMA are closed for the summer holidays from 20 December 2022 to 9 January 2023 and will not be processing any licence applications during this time.
For these licenses:
- FMA specifically asks for an approved, documented cyber security policy and the details of its approved, last review and next review.
- If you don't have this, you need to ensure that you comply with the business continuity and technology systems license condition
