Originally posted by Eqz
Originally posted by HAC30
Yes, you are providing a financial service. Anyone who advising anyone on a stock, is providing a financial service and you need to be licensed to do so. I have posted the definition of financial product advice above.
That is illegal and old mate John could absolutely come back to try to come after you if he can prove you have provided said advice.
Quit while you're behind.
Sorry but it isn't mate, advise is termed 'advise' if you are paying for it.
I don't really care to convince you otherwise, you have your believe and I have mine.
Now I need to focus on my work
Cheers.
We know what we are talking about lol.
Here you go, from RG 36 (same doc HAC provided other excerpts of):
"For example, a communication is
more likely to be financial product advice if its provider (or associate) is remunerated by the client
or stands to benefit depending on the decisions made by a client. This is because an intention to
influence may be more readily inferred."
Benefits don't have to be monetary. You gain a benefit from pumping stock to people and telling them to buy. Attempt to influence can easily be inferred from your actions. i.e you are providing unlicensed advice.
It doesn't matter if you don't believe or agree with us. It's the law.
