Financial Advisers Act 2008

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).