First online session set for August 9
The Financial Markets Authority will host a series of free online workshops to guide financial advisers through the Class 1 application process one section at a time.
A Class 1 licence effectively covers the service of providing advice as a sole adviser business (whether incorporated or unincorporated).This is part of the FMA’s wider campaign and efforts to encourage financial advice providers to hit “submit” and complete their full licence applications by the target date of September 30.
The first online session is on August 9, with registrations able to be made via event website Eventbrite.
“Previous FMA data shows that around half of New Zealand’s 1,835 financial advice providers are smaller firms run by individuals and located right across New Zealand,” said FMA director of market engagement John Botica (pictured). “They really are the backbone of the financial advice industry and these online sessions have been tailored to help them successfully prepare and apply for their full licence from wherever they’re based.”
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Botica said for those who had been uncertain about taking this next step, he hoped this programme of six webinars acted as a circuit breaker.
“We want this to give financial advisers the confidence to proceed with their applications,” he said.
“The idea is that many will choose to progressively complete their application following the steps at each session. By the end of the programme, they should feel empowered and ready to hit submit.”
Based on the FMA’s “8 steps to apply for a FAP full licence” action plan, the six breakfast sessions were designed to unlock insights that will help make the Class 1 application process easier to navigate, understand and action.
The sessions will be hosted by experts from the FMA and designed to be practical and interactive with time for questions from attendees.
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Each of the six sessions covers a different section of the Class 1 application process, with the full programme below:
Week 1: Making a start – getting the basics right
Week 2: Navigating the online form – outsourcing, BCP and cyber security
Week 3: Navigating the online form – competency
Week 4: Navigating the online form – oversight and conflicts of interest
Week 5: Navigating the online form – code of conduct, complaints, record keeping
Week 6: Finalising your application and getting ready to submit
