Financial Markets Conduct Regulations 2014

229D Information that must be given when nature and scope of advice known


The purpose of this regulation is to give retail clients information that will help them to make an informed decision about whether to seek, obtain, or act on advice from a particular person or provider.


This regulation applies if—


a person who gives advice (A) knows or ought reasonably to know the nature and scope of the advice that—


a client is seeking; or


A is giving or intending to give to a client; and


there are reasonable grounds for concluding that the financial advice provider (P) or A (or another person acting on P’s behalf) may give the advice to the client.


A must give the client all of the information set out in clause 5 of Schedule 21A that is applicable.


The information must be given at the time this regulation applies or, if it is not practicable to do so, as soon as practicable after that time.


In any event, the information must be given no later than the time when the information in regulation 229E is given.


Alice is a mortgage adviser who works for ABC Limited. Claire approaches Alice seeking mortgage advice. During their initial meeting, Alice learns that Claire is seeking mortgage advice in relation to a purchase of a residential property.

At that initial meeting, Alice must give Claire all of the applicable information set out in clause 5 of Schedule 21A.

Regulation 229D: inserted, on 15 March 2021, by regulation 12 of the Financial Markets Conduct (Regulated Financial Advice Disclosure) Amendment Regulations 2020 (LI 2020/132).