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Exemption of specified financial advisers for distribution of direct purchase insurance products

Financial Advisers Regulations

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—(1) Subject to the conditions in paragraph (2), a specified financial adviser is exempt from —(a)sections 34 and 36 of the Act (as they apply to a specified financial adviser by reason of section 20(2) of the Act) in respect of the provision of any specified financial advisory service that is solely incidental to the distribution of direct purchase insurance products on the specified financial adviser’s own behalf or on behalf of one or more direct life insurers, as the case may be; and(b)section 22(5) of the Act in respect of the distribution of direct purchase insurance products by any of the specified financial adviser’s customer service officers on the specified financial adviser’s own behalf or on behalf of one or more direct life insurers, as the case may be.(2) The conditions referred to in paragraph (1) are the same conditions specified in regulation 38(2), with each reference in that provision to a licensed financial adviser replaced with a reference to a specified financial adviser.

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