1. Compliance
  2. Exemptions
  3. Exemption categories
  4. Financial advisers - including overseas advisers

Financial advisers - including overseas advisers

Page last updated: 5 Feb 2018

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. It was amended in 2013 and 2018. It will expire on 31 May 2021, unless revoked earlier.

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 that have notified the FMA that they are relying on the notice include:

  • Aon Hewitt Financial Advice Limited
  • Bell Potter Securities Limited
  • Findex Advice Service Pty Ltd
  • Financial Index Australia Pty Ltd
  • Harvest Financial Group Pty Limited
  • IWM Advisors Australia Pty Limited
  • Macquarie Equities Limited
  • Morgans Financial Limited (previous RBS Morgans Limited)
  • UBS Wealth Management Australia Limited

Financial Advisers (Australian Qualified Advisers) Exemption Notice 2018

This notice came into force on 24 February 2018 and will expire on 31 May 2021, unless revoked earlier.  A similar exemption has been in place since 2012.

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 also 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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