Adviser services need to be defined
Advisers need to figure out what services they need to be authorised for before applying to the new regime.
Friday, August 27th 2010, 7:02AM
The Securities Commission has put out a cheat sheet for advisers to prepare them for the new regime, and is telling them they need to decide which services they want to be authorised for.
As part of the tinkering to the draft code, which was sent back to the Code Committee by Commissioner for Financial Advisers David Mayhew last week, financial adviser services are not being lumped in together.
Before requesting authorisation, advisers need to figure out if they:
- provide advice on category one and two products;
- provide advice and offer investment planning services;
- give discretionary investment management services;
- advise and provide discretionary management services;
- offer all of the above; - advise on category two products only; or
- advise wholesale clients and provide class services.
The regulator’s AFA authorisation guide runs through what advisers need to do to get authorised, including links to the Commission’s templates for business statements and testimonials.
The guide stressed the importance for advisers to disclose any criminal convictions that may be on their record, and any relevant information regarding the criminal check.
The Ministry of Justice is currently working its way through the first group of applicants to the Financial Service Providers Register which opened last week.
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