The law around giving financial advice has changedThe Financial Services Legislation Amendment Act (2019) came into force on 15 March 2021.
Financial Advisers now operate under one or more FAP’s or Financial Advice Providers. Iconic Financial Limited is a Financial Advice Provider and holds a current Transitional Licence and will hold a Full Licence when that becomes available.
As part of the changes the Government is removing the current three adviser types and all advisers will need to meet the same standards.
The Act will make financial advisers more accountable for the advice they give. Financial advisers have to meet standards of care, diligence and disclosure. They are also required to be registered and belong to a dispute resolution scheme.
The Financial Services Legislation Amendment Act sets defined operating standards for financial advisers. The Act aims to ensure consumers can have confidence when they deal with a financial adviser that that person is professional and meets appropriate standards of competence.