Financial Advisers Act 2008

5E Acceptance of certification


A financial adviser, a QFE, or a broker must not accept a certification unless he, she, or it, having considered the client’s reasons for the certification,—


is satisfied that the client has been sufficiently advised of the consequences of the certification; and


has no reason to believe that the certification is incorrect or that further information or investigation is required as to whether or not the certification is correct.


The person who accepts the certification of a client may be the financial adviser or broker for the client (but does not need to be).


A financial adviser (other than an authorised financial adviser or QFE) or broker who accepts a certification without having complied with subsection (1) contravenes a wholesale certification requirement.


Contravention of this section may give rise to a pecuniary penalty order or compensatory order (see sections 137K and 137L).

Section 5E: inserted, on 1 July 2010, by section 9 of the Financial Advisers Amendment Act 2010 (2010 No 40).