The Financial Markets Authority (FMA) has launched a consultation on proposed regulatory returns for licensed class 3 financial advice providers (FAPs).
The consultation is targeted at financial advisers, nominated representatives and authorised bodies. The regulator is also welcoming feedback from other interested parties, such as industry associations, financial service law firms, training providers and compliance consultants.
According to the FMA, it is seeking regulatory returns to ensure that it has up-to-date information about FAPs, as it may have changed since their full licence was granted. The information provided will help the regulator consider whether licence holders continue to meet the eligibility criteria and market service licence obligations. It will also help the FMA understand the people and businesses it regulates in, determine the focus and priority of its supervision and monitoring activities, and identify market issues or themes that may need further exploration.
The consultation will run until 5pm on Oct. 28. The submission form is available from the FMA’s website and will be submitted via email.
As of Aug. 1, there were 32 approved licensed class 3 FAPs, plus 17 undergoing assessment, out of a total of 642 licensed FAPs. The FMA will hold a separate public consultation for licensed class 1 and 2 FAPs.
