Financial Markets Authority
has opened a five-week consultation last week, seeking views from the industry on the draft exemption notice and application documents that will allow the provision of personalised robo-advice under the current financial advice regime.
It is seeking feedback on:
- The draft exemption notice
- The draft information sheet – that explains the exemption notice, including providing guidance on the exemption conditions
- The draft application documents – an application form, “good character” declaration form, and application guide.
The FMA said providers will need to apply to the FMA to rely on the exemption – included in the exemption are general and personal insurance products.
The exemption will be subject to conditions relating to:
- Compliance with the code of professional conduct
- Notifying the FMA of a material change in circumstances.
The consultation closes on December 15, at 5:00pm.
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