The Financial Markets Authority has updated the FAQs section of its website, to reflect the questions raised during the recent Financial Services Council summits.
Questions regarding the new legislation and licensing requirements are addressed to help advisers prepare for the new financial advice regime, such as:
Q: Can I provide advice on behalf of more than one financial advice provider?
A: If you are a financial adviser, you can provide advice on behalf of more than one financial advice provider.
If you are a nominated representative, you can only provide advice on behalf of one financial advice provider unless the financial advice provider has an authorised body on their licence or uses a sub-contractor. If they do, you may also be providing advice on their behalf.
Q: I am currently a Registered Financial Adviser and plan to become a financial adviser under the new regime; will I need a licence?
A: If you plan to provide financial advice to retail customers on your own behalf, you will need a financial advice provider’s licence.
If you plan to provide advice on behalf of another financial advice provider, you won’t need a licence.
For the complete FAQs list, click here.