The FSC has launched an invaluable guide to help professional financial advice providers to plan for business succession in times of disruption and change: its Locum Financial Advice Arrangements – A Guide for Financial Advice Providers document.

When financial advice was brought under the Financial Markets Conduct Act 2013 on 15 March 2021, industry regulation changed from supervising individuals to licensing and supervising financial advice providers (FAPs). With this change came an expectation that licensed FAPs possess the systems and processes necessary to continue providing financial advice if a key person becomes unavailable.