Financial Advisers - including overseas advisers

In certain circumstances it may be possible to obtain an exemption from being registered as a financial adviser or from any of the obligations under the Financial Advisers Act 2008, regulations or the Code of Conduct. We will limit the use of our powers to cases that meet prescribed statutory criteria and all exemptions will be based soundly on the policy of the law.

Financial Advisers (Australian Licensees) exemption notice

This notice came into force on 1 July 2011. Unless extended it will expire on 31 May 2018.

This notice provides exemptions from certain provisions of the FAA and the Financial Service Providers (Registration and Dispute Resolution) Act 2008 (FSP Act) to enable Australian-regulated financial services firms and their representatives to provide financial adviser services into New Zealand on an off-shore basis without obtaining authorisation as a New Zealand authorised financial adviser.

The notice relates only to unsolicited services to New Zealand clients provided from offshore by an Australian licensee and its representatives. It can be relied on in circumstances such as where an Australian licensee wishes to continue to provide services to Australian based clients that have moved to New Zealand, New Zealand based clients that have been clients since prior to the introduction of the New Zealand financial adviser regime, and where clients have approached the Australian licensee without any solicitation from the licensee.

An Australian licensee who wishes to rely on the notice must comply with a number of conditions including being a registered financial service provider in New Zealand and a member of a New Zealand dispute resolution scheme. Australian licensees must also notify the FMA of their intention to rely on the notice and submit certain prescribed information to the FMA. If you seek to rely on the notice you will need to understand the full scope of its conditions.

Australian licensees currently relying on the notice include:

  • Aon Hewitt Financial Advice Limited
  • Harvest Financial Group Pty Limited
  • Macquarie Equities Limited
  • Morgans Financial Limited (previous RBS Morgans Limited)
  • UBS Wealth Management Australia Limited
  • WHK Financial Planning Pty Limited

Financial Advisers (Australian Qualified Advisers) Exemption Notice 2016

This notice comes into force on 1 June 2016 and will expire on 31 May 2018.

It provides exemptions from certain educational competency requirements in the Code of Professional Conduct for AFAs for AFA applicants who meet certain Australian training requirements. The exemption requires the person to meet experience requirements as an Australian Licence holder or an Australian Representative. This notice does not affect Australian financial services licence holders or credit licence holders who are able to be recognised under the Trans-Tasman Mutual Recognition Act 1997.

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