The Financial Markets Authority has announced that it will start accepting transitional licence applications from 4 November 2019.

Anyone providing financial advice to retail clients from June 2020 (the start of the new regime) will need to operate under a Financial Advice Provider Transitional Licence. Advisers can either get their own licence or work on behalf of someone else who holds a licence.

To support adviser businesses through the change, the FMA has released an online decision tool, ‘Explore your options’. It has been designed for advisers who are still considering how they would like to operate in the new regime, where they fit in, what their duties are, the costs involved and the next steps they need to take.

The FMA has also published a guide to applying for a transitional licence – outlining what applicants will be asked as part of the application process.