10 October 2022

Consultation: Proposed regulatory returns for licensed Class 1 financial advice providers (FAPs)

Final date for submissions 18 November 2022, 5PM
Consultation document

Consultation document - proposed regulatory returns for licensed Class 1 FAPs

Submission form Feedback form - consultation regulatory returns for licensed Class 1 FAPs
Questions for Class 1 FAP regulatory returns Questions for Class 1 FAP regulatory returns
Email for submission [email protected]

This consultation is primarily intended for Class 1 licensed financial advice providers. The consultations on Class 2 and 3 regulatory returns are currently open and can be found in the list of Consultations. This consultation may be relevant to financial advisers, and authorised bodies. The FMA welcomes feedback from other interested parties, such as industry associations, financial service law firms, training providers and compliance consultants.

Financial advice companies who hold a full financial advice providers (FAP) licence are required to comply with certain conditions. Conditions are imposed by the Financial Markets Authority (FMA) under section 403 of the Financial Markets Conduct Act 2013 (FMC Act), which includes the standard conditions for full FAP licences.

Regulatory returns requirements fall under Standard Condition 3 and apply in respect of any regulated financial advice provided to retail clients. Regulatory returns must be provided on a periodic basis to the FMA, so the information provided can be used to monitor licensees' ongoing capability to effectively perform licensed financial advice services.

This consultation outlines the questions we propose to ask in the regulatory returns for Class 1 FAP licensees; and invites feedback on the appropriateness and format of the information we intend to collect.