But it was a different story for some FAPs and advisers. There are still a number of FAPs who do not have their full FAP licence and this means they will need to cease providing financial advice until they have it. 

There are over 500 individuals still working through their Level 5 qualification. The majority of these individuals were providing financial advice on 16 March 2023 and will now have to stop providing financial advice until they are qualified plus beome linked to a licensed FAP.

It is likely the Financial Markets Authority will be closely watching these individuals and the FAPs that employ them. These individuals may struggle to adequately service new or existing clients as it will be difficult to move from providing financial advice to a new role of providing information only. 

For FAPs with unqualified advisers, processes will need to be in place to handle clients of these individuals. This is potentially a high risk area so sound advice should be sought on how to handle this situation. Our team is here to help so give us a call if you have any questions and we can help you get on track.