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Financial Markets Conduct Act 2013

Licensing and other regulation of market services - Additional regulation of financial advice and financial advice services - Limitations on giving regulated financial advice and holding out

431G: Prohibitions on holding out in relation to giving financial advice

You could also call this:

"Don't pretend to be a financial advisor if you're not one"

Illustration for Financial Markets Conduct Act 2013

You cannot say you are a financial advice provider, a financial adviser, or a nominated representative if that is not true. You also cannot say you can provide a financial advice service or give regulated financial advice if you are not allowed to do so. This includes saying you can give advice about specific financial products or to specific types of clients, such as retail or wholesale clients, if that is not the case.

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This page was last updated on

View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS465798.

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431F: Limitation on who can give regulated financial advice to retail clients on behalf of financial advice provider, or

"Who can give financial advice to people on behalf of a financial advice company"

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431H: Liability for duties, or

"What happens if you don't follow the rules when giving financial advice"

Part 6Licensing and other regulation of market services
Additional regulation of financial advice and financial advice services: Limitations on giving regulated financial advice and holding out

431GProhibitions on holding out in relation to giving financial advice

  1. A person must not hold out that the person, or another person,—

  2. is a financial advice provider, a financial adviser, or a nominated representative if that is not the case; or
    1. is lawfully able to do any of the following if that is not the case:
      1. provide a financial advice service:
        1. provide a particular kind of financial advice service:
          1. give regulated financial advice:
            1. give a particular kind of regulated financial advice:
              1. give regulated financial advice about a particular financial advice product or a particular kind of financial advice product:
                1. give regulated financial advice to retail clients, to wholesale clients, or to retail and wholesale clients:
                  1. provide a financial advice service, or give regulated financial advice, in particular circumstances.

                  Notes
                  • Section 431G: inserted, on , by section 29 of the Financial Services Legislation Amendment Act 2019 (2019 No 8).