1. Compliance
  2. Financial advice

Financial advice

 

Types of financial advisers

All financial advisers must comply with the requirements of the Financial Advisers Act 2008 (FA Act). This includes disclosure obligations which are set out in regulations. The compliance requirements for financial advisers depend on the type of services you provide. 

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Types of financial adviser services

To work out which type of adviser you are (or want to be) you need to think about a number of factors and whether you have to register or not.

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DIMS

To be authorised to provide a personalised DIMS service you must first meet the prescribed eligibility criteria. Find this and other information and resources on DIMS.

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Eligible persons & eligible investors

The terms 'eligible persons' and 'eligible investors' are similar so it is important that financial market participants understand these terms come from different legislation and different tests, processes and consequences apply.

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Disclosure obligations

If you provide a personalised service to a retail client, you must disclose certain information.The principle behind disclosure is to provide the essential information your client needs to make an informed decision.

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Care, diligence & skill

All financial advisers must exercise the care, diligence and skill that a reasonable financial adviser would exercise in the same circumstances.

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Advertising

A financial adviser must not advertise a financial adviser service in a way that is misleading, deceptive or confusing. 

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How we monitor financial advice

We monitor financial advisers to ensure they are complying with their obligations. We also monitor the activities of providers on the financial services 'perimeter' to ensure they are not providing services that should only be provided by financial advisers.

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