| Status: |
Authorised Financial Adviser |
Registered Financial Adviser |
Financial Adviser who is an employee or nominated representative of a QFE |
| Scope: |
Financial advice (category 1,2)
Investment planning services
|
Financial advice (category 2)
|
Financial advice (category 1,2)
Note: Above applies only to Category 1 products issued or promoted by the QFE [assuming the Financial Service Providers (pre-implementation adjustments) Bill 2009 is passed]
You must be an AFA if you provide:
• financial adviser service in relation to category 1 products not issued or promoted by the QFE; or
• you provide a investment planning service
|
| Registration: |
Individually register as a Financial Service Provider.
• Must not be disqualified
• Must belong to an approved disputes resolution scheme
|
Individually register as a Financial Service Provider.
• Must not be disqualified
• Must belong to an approved disputes resolution scheme
|
Covered by QFE's registration as a Financial Service Provider if financial adviser services are limited to those outlined in "scope section" above.
However the employer or company must still be registered as a Financial Service Provider. |
| Authorisation: |
Individually authorised by Commissioner for Financial Advisers ('CFA').
• Must be registered
• Being of good character meeting minimum competence, knowledge and skill requirements specified in the code
• No criminal matters warranting rejection of application
• Not debarred from applying for authorisation
|
Not required |
None, covered by QFE status (see above) |
| Competency: |
Subject to minimum competency standards set by the Code Committee:
• Hold or acquire application qualification(s)
• Be assessed for competence
• Be subject to increased oversight while competence is sought
• Knowledge and skills
• Continuing professional development
|
None |
You must be an AFA if you provide:
Financial adviser services in relation to category 1 products not issued or promoted by the QFE; or
You provide an investment planning service.
|
| Conduct: |
Subject to the minimum standards set out in the Code of Professional Conduct established by the Code Committee:
• Ethical behaviour
• Client care
Subject to minimum statutory 'not misleading or deceptive' requirements including advertising.
|
Subject to minimum statutory 'care, diligence and skill' requirements
Subject to minimum statutory 'not misleading or deceptive' requirements including advertising
|
Subject to minimum statutory 'care, diligence and skill' requirements
Subject to minimum statutory 'not misleading or deceptive' requirements including advertising
Code is the benchmark for consumer protection outcomes with regards to financial advisers within a QFE providing personalised services on category 1 products to retail clients.
|
| Disclosure: |
Individual disclosure prior to advice (or as soon as reasonably practical), may include details of:
• contact details:
• the type of financial adviser:
• financial adviser services provided
• fees:
• material interests, relationships, or associations
• remuneration:
• dispute resolution arrangements:
• professional or business experience relevant to performance of a financial adviser service:
• criminal convictions:
• disciplinary proceedings:
• adverse findings by a court or the Commission:
• bankruptcy or other insolvency proceedings:
• indemnity insurance:
• matters required to be disclosed by the authorised financial adviser’s terms and conditions of authorisation
|
Individual disclosure prior to advice (or as soon as reasonably practical), may include details of:
• contact details:
• the type of financial adviser:
• financial adviser services provided:
• fees:
• material interests, relationships, or associations
• remuneration:
• dispute resolution arrangements:
|
QFE disclosure prior to advice, likely to include details of:
• contact details:
• the type of financial adviser:
• the QFE’s dispute resolution arrangements:
• matters required to be disclosed by the QFE’s terms and conditions of a grant of QFE status: 5
• whether the QFE provides any other licensed service.
|
| Dispute Resolution scheme: |
Individual member of an approved disputes scheme |
Individual member of an approved disputes scheme |
Covered by QFE membership of a dispute scheme
|
| Enforcement: |
Fines ranging $10k to $100k and non-monetary actions on the Disciplinary Committee of the CFA (above) plus potential imprisonment in some cases |
Fines ranging $10k to $50k and non-monetary actions on the Disciplinary Committee of the CFA (above) |
Fines ranging $10k to $300k and non-monetary actions on the Disciplinary Committee of the CFA (above) |