First thoughts on Full Licensing

“For us, it was mostly about crystalising some of our existing business procedural practices. Once we were satisfied that we could meet the requirements in a way that we could be proud of, we pushed the submit button.”

Hugh Percy, Managing Director, First Capital Financial Services

First Capital was the 100th application to receive their Financial Advice Provider Full (FAP) License.

Under the new financial advice regime, set out in the Financial Services Legislation Amendment Act 2019, all providers of regulated financial advice to retail clients will need a FAP license.  The new rules require financial advisers to meet specific competency standards and abide by a new code of professional conduct.

Hugh Percy spoke to Anita Frazer, FMA’s Head of Compliance Service, and discussed First Capital’s journey through their successful application process.

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To learn more about a Financial Advice Provider (FAP) click here