FMA opens consultation on standard conditions for full licensing for financial advice

The Financial Markets Authority (FMA) has opened consultation on the proposed full licence standard conditions for Financial Advice Providers, as part of the new financial advice regime. The consultation is open until Friday, 7 August.

The FMA is considering 8 standard conditions for full licences:

  • record keeping,
  • internal complaints process,
  • regulatory returns,
  • outsourcing,
  • 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.

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