The FMA have released an announcement regarding the new financial advice regime exemptions, stating:
This consultation considers three matters where we think it may be useful to continue existing Financial Advisers Act exemption relief to support effective operation of the new financial advice regime:
- Australian licensees
- Overseas custodians – assurance engagements
- Australian qualified advisers.
This consultation also considers matters where we think existing FA Act exemption support will no longer be required given expected changes in the law:
- Recognition of alternative qualifications
- NZX and non-NZX brokers – client money and client property
- Personalised digital advice
- Offers of financial products through AFAs supplying personalised DIMS.
They are welcoming feedback on this - click here to read more.