1. Compliance
  2. Financial advice
  3. Who is not covered by the FA Act

Who is not covered by the FA Act

Page last updated: 13 November 2018

The Financial Advisers Act provides exemptions for specific groups of people who only provide financial adviser services in the ordinary course of their jobs or as incidental to their jobs. Their adviser activities fall outside the scope of the regulatory regime.

These people are not required to be registered or authorised. They are people who provide financial advice only as an incidental part of another business that is not a financial service, e.g. a sales assistant in a retail store giving advice to a consumer buying goods on hire purchase. See section 13 of the Act for further information.

There are also exemptions from registration and authorisation for other occupations/parties and entities who provide services which are not considered to be financial adviser services under the Act. For a complete list of financial adviser services not covered by the Act, go to sections 13 and 14.