FSLAB passed so what now?
After what seems an age, FSLAB has finally passed and the industry moves even closer to the new regime. Draft regulations are out for consultation and the new Code of Professional Conduct has been approved but is not yet in force.
The FMA has advised transitional licensing will open on 25 November 2019, and MBIE has indicated full licensing will open on 29 June 2020. It is at this point, 29 June 2020, that advisers will come under FMCA, and the new regulations and Code will come into force.
So, what can you do now to prepare?
First, have a read of the legislation under which you will be operating from 29 June 2020. Read it here.
Second, download the FAP toolkit This kit has been developed to assist businesses and advisers work through the decision-making process. If you plan to have your own FAP, then Strategi can help you get your business ready to operate in the FMCA regime. We can work with business owners and advisers to develop a plan and start prioritising what needs to be done.
Third, take action. Your best preparation might be getting Level 5 training out of the way sooner rather than later. Or it could be documenting your business processes and getting your business structure right. If you are unsure, contact Strategi and let us help you develop a plan for transition.