The Financial Service Providers (Registration and Dispute Resolution) Act 2008 (FSP Act 2008) requires all persons (both individuals and entities) in the business of providing a financial service to be registered (unless an exception in section 7(2) under the Act or under regulation applies). Financial advisers when completing their individual registration (or when registering their companies), on the Financial Service Providers Register are required to notify the Registrar of ALL financial services they provide, or intend to provide. Financial advisers (and their companies) can only be in the business of providing the services for which they are registered.
The consequences of trading illegally are different for an individual than for an entity.
To read more about what is a financial service, when to select a particular financial service and the consequences of being in the business without being registered for the correct type of financial service you currently provide, download a copy of the Strategi Guidance Notes “Selecting the correct categories of financial service when registering on the FSP Register".
