Financial Advisers Act 2008

  • repealed
  • Financial Advisers Act 2008: repealed, on 15 March 2021, by section 97(1) of the Financial Services Legislation Amendment Act 2019 (2019 No 8). Section 138(1)(a)(iii) corrected on 15 March 2021 under section 25(1)(j)(iii) and (iv) of the Legislation Act 2012.
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).