RFAs can provide financial advice in relation to a category 2 product. RFAs are permitted to provide a class service to a retail client, or a financial adviser service to a wholesale client.
Putting investor interests first is at the heart of raising the standards of how financial advice is conducted.
See here for all licensing and registration information.
RFAs must, when providing financial adviser services:
RFAs need to annually renew their registration on the Financial Service Providers Register and notify the Registrar of changes. They must be a member of a dispute resolution scheme, if providing services to retail clients.
Any person can complain to the FMA about the activities of an RFA and we can investigate that complaint and take appropriate action. RFAs are not subject to disciplinary committee proceedings under the Act but we have a range of enforcement actions it can take in relation to RFAs under the Act. The Registrar may also deregister RFAs, or we may give a direction to deregister a RFA, in certain circumstances. See Financial Service Providers (Registration and Dispute Resolution) Act 2008, sections 18A to 18C.
20 September 2016
The inaugural New Zealand International Fraud Film Festival (Fraud Film Festival) is coming to Auckland’s Q Theatre in November. The festival is timed to coincide with November’s Fraud Awareness Week and will open on Friday, 18 November.
28 July 2016
FMA has released a guide to how it will examine whether financial services providers are demonstrating good conduct under the Financial Markets Conduct Act (FMC Act).
10 October 2016
We are seeking feedback from licensed crowdfunding and peer-to-peer lending service providers on the information they will have to supply in their annual regulatory returns.