Financial Advisers

All financial advisers must comply with the requirements of the Financial Advisers Act 2008.

Changes ahead for regulation of Personalised DIMS
Updated 19 February 2015

The Financial Markets (Repeals and Amendments) Act 2013 introduced amendments to the Financial Advisers Act 2008 (the FA Act), which took effect from 1 December 2014. This means for a person to be authorised to provide a Personalised DIMS they must meet the prescribed eligibility criteria. New AFA’s must meet the criteria from 1 December 2014 and existing DIMS authorised AFA’s must meet the criteria from 1 June 2015, unless they apply for an FMC Act licence by 31 May 2015.

FMA has today published the following information for AFAs providing a personalised DIMS:

Information on what a financial adviser is, who needs to comply, and a flowchart to help individuals work out their adviser type.

A link to the Financial Service Providers Register, plus the resources you need to become an AFA or to apply to be a QFE.

The common obligations for all advisers and the additional obligations that apply for each adviser type.

How we monitor, and our current focus for each adviser type and for those on the perimeter of financial advice and services.

The approach FMA takes to interpreting various requirements under legislation.

FMA has a formal complaints process if people or companies breach requirements. AFAs who breach the Code may also face the Disciplinary Committee.

Information on the licensing and ongoing fees RFAs, AFAs and QFEs must pay.

Guidance, existing exemption notices and how to apply for an exemption.

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