| NEW REGIME | OLD REGIME |
|---|---|
| Financial advice providers: Financial advisers Nominated representatives (previously financial advice representatives) | AFA RFA QFE |
| Financial advice product | Category 1 and Category 2 products |
| Financial advice service | Class and personalised advice |
| Anyone providing any DIMS will need to operate under a FMC Act DIMS licence | Personalised DIMS could be provided without a FMC Act DIMS licence |
| DATE | |
|---|---|
| 2017/2018 | Bill 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 |