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  • repealed
  • Financial Advisers Act 2008: repealed, on 15 March 2021, by section 97(1) of the Financial Services Legislation Amendment Act 2019 (2019 No 8).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.
20F Who is responsible for financial adviser obligations

(1)

If a financial adviser service is provided by a person (A) on behalf of the business of another person (B), the following persons are treated as the financial adviser having the financial adviser obligation under this Act:

(a)

if it is a personalised service provided to a retail client (unless paragraph (b) applies), both A and B:

(b)

if A is a QFE adviser and B is the QFE or a member of a QFE group, B only:

(c)

in any other case, B only.

(2)

If B has a financial adviser obligation under subsection (1),—

(a)

any act or omission by A is also treated as being done by B; and

(b)

if it is necessary to show the state of mind of B, it is sufficient to show that A had that state of mind.

(3)

However, subsection (1) does not apply to the financial adviser obligations in sections 37 and 45 (which apply to A only).

(4)

Subsections (1) to (3) do not affect the liability of A or B under any other Act or rule of law for A’s actions.

Section 20F: inserted, on 1 July 2010, by section 10 of the Financial Advisers Amendment Act 2010 (2010 No 40).