The FMA is considering 8 standard conditions for full licences:
- record keeping,
- internal complaints process,
- regulatory returns,
- professional indemnity insurance,
- business continuity and technology systems,
- ongoing capability, and
- notification of material changes.
The process for full licensing will be more comprehensive than for transitional licences — the FMA will consider whether applicants and authorised bodies are capable of effectively performing the financial advice service.