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.
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.
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.
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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