FMA keeping an eye on transitional licence holders
The FMA says while the majority of transitional license holders have completed the full licence process, it will continue to monitor the progress of firms that hold a transitional licence, to ensure they either proceed to complete the licensing process, or decide to exit.
FMA media relations manager Andrew Park says if FAPs are still operating under transitional license at this point, then they can continue the process of gaining a full licence, but must suspend providing financial services until it has a full license.
“Like any of our market licensing regimes, firms are able to apply for a licence at any time. The effective date of March 17th simply means that you cannot provide advice without a full licence.” says Park.
He says the FMA continues to engage with the market to understand how firms are prepared for the final stage of the regime now coming into effect and ensure consumers benefit from access to quality financial advice.
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