The Financial Advice regulations are changing – find out what this means for you.

From 15th March 2021 the way we provide advice, and what information we need to disclose to you is changing. The Financial Services Legislation Amendment Act 2019 introduces a range of new duties that will apply to those who give regulated financial advice. This requires a person who gives regulated financial advice to make specified information available in the prescribed manner when required to do so by the regulations.

Here’s a quick overview of what we will need to provide you with after 15th March:

  1. To help you choose the correct financial advice provider, we must display additional information on our website, which will also be available on request. The information to be disclosed includes our licence status, the types of products we advise on, the fees that may be payable, and any commissions or conflicts of interest that may apply.
  2. Once we know the scope of the advice we are providing you with, we are required to disclose material limitations on the scope of our advice, disciplinary history of the adviser giving advice (if any), and any fees, commissions or conflicts of interest that may apply. This is to help you decide whether to seek, obtain or act on advice given by our advisers.
  3. Once our advisers provide you with their advice, we need to disclose any changes to the information referred to in 2 above along with confirmation of fees payable and applicable commissions and conflicts of interest, and the legal duties we need to provide to you. The purpose of this disclosure is to help you decide whether to act on the advice our advisers give.
  4. If you have a problem, concern, or complaint about any part of our service, we need to provide you with information about our internal complaints handling process and how to access our external dispute resolution scheme.

Our advisers are happy to talk through any questions you may have around these changes, or if you prefer you can also read more about the new financial regime here.

Translate »