The clock is ticking on getting a transitional licence…

You will be okay if you apply for and successfully obtain a transitional FAP licence through your own entity or in your own name. If you don’t apply for a transitional FAP licence you may be okay, if either: you are going to be a Financial Adviser or Nominated Representative under someone else’s transitional FAP licence, and you have their written agreement, and you give regulated financial advice in accordance with their direction; or: you have decided to quit giving regulated financial advice.

What happens if you don’t sort it before the deadline?
If you meant to continue to offer financial advice here are your options:

• Join someone else’s transitionally licensed FAP quickly! You would need to get on to it, because your registration as an adviser on FSPR will be removed if your name is not linked to a FAP within 90 days from the start of the new regime. Remember you need the FAP’s written approval and you must give advice in accordance with their direction.
• Quick, apply for a final (not transitional) FAP licence as soon as applications open after the start of the new regime and ask your product providers to bear with you while you apply. This could take a while, especially if you don’t have the National Certificate in Financial Services Level Five as this will be required as a condition of a full licence from day one if you didn’t get a transitional FAP licence.

First, you won’t be able to provide a regulated financial advice service to a retail client and will be in breach of the law if you do so.