The FMA has confirmed that FAP transitional licence applications can be applied for (online) from Monday 4 November. The application fee for the transitional licence will be $405 excl. GST plus $38.75 excl. GST per authorised body named on your licence application. The application fee for the full licence will start at $612 excl. GST (plus $155 excl. GST per authorised body).

All FAP transitional licence holders have a number of duties and obligations that must be complied with. In summary, these are:

  1. Ensure clients understand the nature and scope of the advice being provided.
  2. The client’s interests must have priority where there’s a conflict of interest.
  3. Care, diligence and skill must be exercised at all times.
  4. Comply with the Code of Professional Conduct for Financial Advice Services.
  5. Only recommend financial products that comply with the FMC Act 2013.
  6. Follow new disclosure regulations and make sure the client understands the information they are given.
  7. Comply with any licence conditions the FMA imposes when granting the licence as well as those set in law. (FMA has indicated there will be standard conditions for internal complaints process plus record keeping.)
  8. Make sure all financial advisers providing advice on behalf of the FAP comply with duties 1 to 7.
  9. Tell the FMA if you materially contravene your obligations or make significant changes to your business.

The FMA has published a guide to meeting these duties and obligations under the new regime.

If you intend to become a FAP and are unsure if your systems and processes are able to meet these requirements, contact the Strategi licensing team for advice.
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