New Zealand Legislation: Acts

18 Who is permitted to provide personalised service to retail clients

• (1) The following individuals are permitted to provide a personalised service to a retail client:

  • (a) if giving financial advice or providing a discretionary investment management service in relation to a category 1 product,—

    • (i) an authorised financial adviser:

    • (ii) a QFE adviser (but only if the QFE or a member of the QFE group is the product provider (or, in the case of a security, a promoter) of the relevant category 1 product):

  • (b) if providing an investment planning service, an authorised financial adviser:

  • (c) if giving financial advice or providing a discretionary investment management service in relation to a category 2 product,—

    • (i) an authorised financial adviser:

    • (ii) a registered individual:

    • (iii) a QFE adviser.

  (2) Subsection (1)(a)(ii) is subject to any limitation on the scope of services that may be provided by the QFE adviser under the terms and conditions for the QFE under section 67A or a determination under section 75B(4).

  Section 18: substituted, on 1 July 2010, by section 10 of the Financial Advisers Amendment Act 2010 (2010 No 40).