NZ CFS L5 Investment Practice Questions - NZ Certificate In Financial Services (Level 5) - Investment Strand Exam

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Under FAP licensing rules, what is the core operational distinction between a Class 1 and a Class 2 Financial Advice Provider license?

Class 1 is for providing advice on insurance only, while Class 2 is for investment planning Class 1 is for a single adviser who is the sole director, while Class 2 allows the licensee to engage multiple financial advisers Class 1 allows the use of nominated representatives, while Class 2 does not Class 1 licenses are permanent, while Class 2 licenses must be renewed every 12 months

Correct Answer:

Class 1 is for a single adviser who is the sole director, while Class 2 allows the licensee to engage multiple financial advisers

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