New Zealand Legislation: Acts

10 When person gives financial advice

• (1) A person (A) gives financial advice if A makes a recommendation or gives an opinion in relation to acquiring or disposing of (including refraining from acquiring or disposing of) a financial product.

  (2) Whether or not advice is financial advice for the purposes of this Act is not affected by how the advice is given or communicated.

  (3) However, a person does not give financial advice for the purposes of this Act merely by—

  • (a) providing information (for example, the cost or terms and conditions of a financial product); or

  • (b) making a recommendation or giving an opinion relating to a class of financial products; or

  • (c) making a recommendation or giving an opinion about the procedure for acquiring or disposing of a financial product; or

  • (d) transmitting the financial advice of another person (unless A gives A's own financial advice in doing so or holds out the transmitted financial advice as A's own financial advice); or

  • (e) recommending that a person consult a financial adviser.

  Section 10: substituted, on 1 July 2010, by section 10 of the Financial Advisers Amendment Act 2010 (2010 No 40).