FMA Consults on New Financial Advice Regime Exemptions


The FMA has released a consultation paper seeking feedback on proposed exemption support for the new financial advice regime.

The Financial Services Legislation Amendment Act 2019 (FSLAA) will introduce a new regulatory regime for financial advice and the FMA is now considering where FMC Act exemptions may be useful to support effective operation of the new regime.

This consultation considers three matters where the FMA thinks 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

The consultation also includes four matters where the FMA thinks 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.

Submissions close at 5pm on Friday, 13 September 2019.

Click here to read the consultation paper in full.