New Zealand Legislation: Acts

15 When financial adviser service is personalised service or class service

• (1) A financial adviser service is a personalised service if—

  • (a) it is given to, or in respect of, a named client or a client that is otherwise readily identifiable by the financial adviser; and

  • (b) either—

    • (i) the financial adviser has taken into account the client's particular financial situation or goals (or any 1 or more of them) in providing the service; or

    • (ii) a client would, in the circumstances in which the service is provided, reasonably expect the financial adviser to take into account the client's particular financial situation or goals (or any 1 or more of them).

  (2) A service is not personalised merely because the client comes within a class of persons having predefined characteristics and the financial adviser takes the fact that the client comes within that class into account.

  (3) A financial adviser service is a class service if it is not a personalised service.

  Section 15: substituted, on 1 July 2010, by section 10 of the Financial Advisers Amendment Act 2010 (2010 No 40).