The requirements for Australian Financial advisers who wish to operate in New Zealand is contained in the Financial Advisers (Australian Qualified Advisers) Exemption Notice 2012 (available for download below).
Advisers will be exempted from Standard Set B and the exemption only applies if the adviser has met the applicable training requirements specified below either as an Australian Representative or as the holder of an Australian license for a minimum of six consecutive months within the three years prior to making the AFA application.
| A | B | C |
| Training requirements set out in RG146, ASIC’s training register, and the competency standards in the Financial Services Training Package (referred to in RG146), to provide personal advice to retail clients on the following financial products or activities: | AFA Licence categories | Classes of financial products |
|
All of the following: (Tier 1)
|
FA DIMS FA + DIMS |
all |
|
All of the following:
|
FA + IPS FA + DIMS + IPS |
all |
| Securities | FA | securities |
| Managed investments | FA | securities |
| Superannuation | FA | securities |
| Life insurance (including investment life insurance products) | FA | investment-linked contracts of insurance and category 2 products |
| Deposit products (Tier 1) | FA | securities |
| Insurance other than investment life insurance products | FA | all category 2 products |
| Training requirements set out in RG206 to provide the following service: | AFA licence categories | Classes of financial products |
|
Independent home loan credit assistance as a responsible manager, being at least:
|
FA | all category 2 products |
The Australian adviser will still need to apply for AFA status and meet all the other requirements of AFA application. This exemption only applies to educational standards.
