FMA seeks feedback on robo-advice exemption

by Krizzel Canlas20 Nov 2017
The 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:
  • Disclosure
  • Compliance with the code of professional conduct
  • Record-keeping
  • Notifying the FMA of a material change in circumstances.
The consultation closes on December 15, at 5:00pm.


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