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Who Needs to Comply


All financial advisers must comply with the requirements of the Financial Advisers Act 2008. This includes disclosure obligations which are set out in regulations.

Financial advisers are people who give advice about investing and other financial services and products as part of their job or business. They include financial planners, mortgage and insurance brokers and people working for insurance companies, banks and building societies that provide advice about money, financial products and investing.

The compliance requirements for financial advisers depend on the type of services you provide. If you are an individual, you can use our flowchart to work what type of financial adviser you are.

Types of financial adviser

Registered Financial Advisers (RFAs)

RFAs are individuals and they can give advice or provide discretionary investment management services for category 2 products. They can also provide class services and services to wholesale clients.

Find out more about registering and your obligations

Authorised Financial Advisers (AFAs)

AFAs can provide the same services as an RFA, but can also provide services in relation to category 1 products, and can provide an investment planning service.

Find out more about AFAs

Qualifying Financial Entities (QFEs)

QFEs are businesses that provide financial adviser services. QFEs take responsibility for the conduct of the financial advisers they employ and any nominated representatives.

Find out more about QFEs

QFE Advisers

A QFE Adviser is an employee or a nominated representative of a QFE.

Find out more about QFE advisers and what they can sell

Other business providing financial adviser services

Other (non-QFE) businesses providing financial adviser services have to be registered as a financial service provider. They may only provide personalised services to retail clients through an individual who is appropriately authorised or registered.

Find out more about registering
 

Brokers

A broker is an individual or a company that receives, holds, pays or transfers client money or property acting as an intermediary for a client. All brokers need to be registered and must also comply with the brokers' conduct and disclosure obligations in the Financial Advisers Act. These provisions apply to anyone providing broking services, whether they are a financial adviser or not. See more about brokers.

Who is not covered by the Financial Advisers Act?

The Act provides exemptions for specific groups of people who only provide financial adviser services in the ordinary course of their jobs or as incidental to their jobs. Their adviser activities fall outside the scope of the regulatory regime. See more.

Overseas advisers and overseas clients

See the provisions that apply. Overseas advisers and overseas clients

Also read about the exemptions for Australian advisers.