Consultation paper: Proposed FMC Act exemption for offers made through AFAs providing personalised DIMS

First published 9 September 2015

The FMA is seeking comment on whether there is a need for exemption relief for offerors who sell financial products through AFAs providing personalised discretionary investment management services (DIMS) under the Financial Advisers Act 2008 (FA Act).  

Offerors who sell products through AFAs are unable to rely on the exclusion in clause 7 of schedule 1 of the Financial Markets Conduct Act 2013 (FMC Act). 

That exclusion only applies to offers made through DIMS providers licensed under the FMC Act. 

Feedback indicates that the lack of an equivalent exemption for AFAs who provide personalised DIMS under the FA Act creates unfairness between such AFAs and DIMS licensees.

We are considering whether to grant an exemption allowing offerors to sell financial products through AFAs providing personalised DIMS under the FA Act without Part 3 disclosure.

We invite you to review our consultation and share your feedback with us by Thursday 8 October 2015.  All comments should be submitted to [email protected] with the subject line: ‘Offers made through AFAs providing personalised DIMS: [Your business name]’.