What is a “financial service”?
In simple terms, you provide a “financial service” if you:
- provide financial product advice or make recommendations to people about which financial product they should purchase.
- deal in a financial product such as buying or selling shares or applying for or issuing interests in a managed investment scheme.
- make a market for a financial product. This means you regularly quote prices of financial products that are sold or acquired.
- operate a registered managed investment scheme or collective investment vehicle.
- provide a custodial or depository service.