NEW REGIMEOLD REGIME
Financial advice providers:
Financial advisers
Nominated representatives (previously financial advice representatives)
AFA
RFA
QFE
Financial advice productCategory 1 and Category 2 products
Financial advice serviceClass and personalised advice
Anyone providing any DIMS will need to operate under a FMC Act DIMS licencePersonalised DIMS could be provided without a FMC Act DIMS licence

 

DATE 
2017/2018Bill passed and regulations made
Aug 2018
New Code of Conduct approved and published
Feb 2019
New regime commences. Anyone providing financial advice will need to be engaged by a firm with a transitional licence. Existing participants now have two years to meet new minimum competence and skill requirements
Feb 2021
All industry participants must operate under a full licence