Rollout of the new financial advice regime continues with another significant milestone achieved this month.
As of June 16, all financial advisers should be linked to a financial advice provider (FAP) on the Financial Service Providers Register (FSPR). For most transitional-licence holders, that means the next step is to apply for a FAP full licence.
Director of Market Engagement John Botica says providers should find the application process straightforward once they’ve decided which class of licence is most relevant for their situation.
“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.”
Botica says the newly updated FAP full licensing guide has been designed to allow applicants to easily compare and prepare for the questions they can expect.
He encourages providers to take a look at the guide before they do anything else.
“You can also complete a draft application online too so go in and try it out. Where you can’t easily complete a question, you can save a draft and come back and complete it later. My advice is get on to it soon so you have plenty of time to address any gaps.”
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