Financial Advisers Act 2001 · 2020 Revised Edition · Part 2 · Financial Advisers and Representatives
23. Appointed representative
Feedback & supportLast amended by an amending law of 2022. 2 amendments in all.
For the purposes of this Act, an appointed representative in respect of a type of financial advisory service is an individual —
appointed representative
“appointed representative”, in respect of a type of financial advisory service, has the meaning given to that expression by section 23, and “appointed representative” means an appointed representative in respect of any type of financial advisory service;
who satisfies such entry and examination requirements as may be specified by the Authority for that type of financial advisory service, the fact of which has been notified to the Authority either in the document lodged under section 26(1), or (if applicable) under section 24(5) within the time prescribed under that provision;
whose name is entered in the public register of representatives as an appointed representative;
whose status as an appointed representative has not currently been revoked or suspended and who has not currently been prohibited by the Authority from providing that type of financial advisory service;
whose entry in the public register of representatives indicates that the individual is appointed to provide that type of financial advisory service and does not indicate that the individual has ceased to be so; and
whose principal —
is licensed to provide that type of financial advisory service; or
provides that type of financial advisory service in its capacity as a person exempted from the requirement to hold a financial adviser’s licence under section 20(1)(a), (b), (c), (d) or (e).
For the purpose of subsection (1)(a), the Authority may, by direction published in such manner as may be prescribed, specify the examination requirements for each type of financial advisory service.
The Authority may require the principal or individual to provide it with such information or documents as the Authority considers necessary in relation to the proposed appointment of the individual as an appointed representative, and the principal or individual (as the case may be) must comply with such a request.
principal
“principal”, in relation to a representative, means a person whom the representative is in the direct employment of, is acting for or is acting by arrangement with, and on behalf of whom the representative provides or will provide any financial advisory service;
An individual ceases to be an appointed representative in respect of any type of financial advisory service on the date —
financial advisory service
“financial advisory service” means all or any of the services specified in the Second Schedule;
the individual ceases to be the principal’s representative or to provide that type of financial advisory service on behalf of the principal, the fact of which has been notified to the Authority under subsection (8);
the individual’s principal ceases to provide that type of financial advisory service;
the licence of the individual’s principal is revoked or lapses or a prohibition order is made against the individual’s principal prohibiting it from providing that type of financial advisory service;
the individual dies; or
of the occurrence of such other circumstances as the Authority may prescribe.
An individual is not to be treated as an appointed representative during the period in which the licence of the individual’s principal is suspended.
Subsection (4) or (5) does not prevent the individual from being treated as an appointed representative in respect of that type of financial advisory service if the individual becomes a representative of a new principal in respect of that type of financial advisory service and subsection (1) is complied with.
representative
“representative” means a person, by whatever name called, in the direct employment of, or acting for, or by arrangement with, a financial adviser, who performs on behalf of the financial adviser any financial advisory service, whether or not the person is remunerated, and whether the person’s remuneration (if any) is by way of salary, wages, commission or otherwise, and includes any officer of the financial adviser who performs for the financial adviser any financial advisory service whether or not the officer is remunerated, and whether the officer’s remuneration (if any) is by way of salary, wages, commission or otherwise;
Subsections (4) and (5) do not operate so as to —
avoid or affect any agreement, transaction or arrangement relating to any investment product entered into by that individual, whether the agreement, transaction or arrangement was entered into before, on or after the cessation or date of suspension; or
affect any right, obligation or liability arising under any such agreement, transaction or arrangement.
A principal must, no later than the next business day after the day —
an individual ceases to be his or her representative; or
an individual who is his or her representative ceases to provide any type of financial advisory service, which he or she is appointed to provide,provide particulars of such cessation to the Authority, in the prescribed form and manner.[23C