This notice comes into force on 14 November 2018. It amends the Financial Advisers (Personalised Digital Advice) Exemption Notice 2018 (the principal notice), which came into force on 1 June 2018.

The principal notice permits entities listed in Schedule 1 of the notice to provide personalised services to retail clients where those services are provided through a digital advice facility.

This notice amends the principal notice to add Cigna Life Insurance New Zealand Limited (Cigna Life Insurance) to that list of entities.

The Financial Markets Authority (the FMA), after satisfying itself as to the matters set out in section 148(2)(b) of the Financial Advisers Act 2008, considers it appropriate to amend the principal notice because—

• extending the exemptions to Cigna Life Insurance is consistent with the objectives of promoting the sound and efficient delivery of financial adviser services and encouraging public confidence in the professionalism and integrity of the providers. In order to rely on the exemptions, a provider must be listed in Schedule 1 of the principal notice. The FMA is satisfied that Cigna Life Insurance has the capability and competency to provide personalised services to retail clients through a digital advice facility, and that its directors and senior managers are of good character. Cigna Life Insurance must meet the exemption conditions specified in the principal notice, which seek to ensure that providers take an appropriate degree of care in providing the service and that consumer protection safeguards are in place; and

• in these circumstances, the FMA is satisfied that the costs of compliance by Cigna Life Insurance with the requirement for personalised services to retail clients to be provided by one of the specified types of human adviser are unreasonable and are not justified by the benefit of compliance.